Debt
Balances your family may otherwise need to repay.
LIFE INSURANCE
Protect the people who count on you.
Life insurance can provide a death benefit to help the people you choose cover debts, replace income, stay in their home and plan for future expenses if you die while the policy is in force.
- Clear estimate Start with debt, income, mortgage and education
- No obligation The calculator does not submit an application
- Licensed guidance Blake Askew · NPN 21310615
A PRACTICAL STARTING POINT
The DIME calculator
DIME stands for debt, income, mortgage and education. Add the four needs together to create a starting estimate for a life insurance death benefit. Adjust every number to fit your household.
WHAT THE NUMBER MEANS
Why DIME is useful—and what it leaves out
DIME turns four major responsibilities into a number you can discuss. It is a useful starting point because each part has a clear purpose, but it does not account for every household asset, existing policy, final expense, caregiving need or long-term goal.
Income
Time for dependents to adjust after losing your earnings.
Mortgage
Money that could help keep the household in its home.
Education
Future tuition, training or education goals you want to protect.
TERM OR PERMANENT?
Two broad ways to structure life insurance
Neither type is automatically right for everyone. The best fit depends on how long you need coverage, the policy features you want, what you can afford and whether you qualify.
SET PERIOD
Term life insurance
Term life insurance is designed to cover a set period, such as 10, 20, 30 or 40 years, depending on the carrier and product. It can fit a temporary need such as income replacement while children are young or while a mortgage remains.
- Coverage lasts for the term stated in the policy.
- It generally does not build cash value.
- Renewal or conversion rights and later premiums vary by policy.
LONG-TERM COVERAGE
Permanent life insurance
Permanent policies are designed for longer-term coverage when the required premiums are paid and policy conditions are met. Some may include a cash-value feature.
- Whole life and universal life are common categories.
- Premiums and guarantees vary by product.
- Loans or withdrawals can reduce values or the death benefit.
These summaries are educational. Available terms, features, premiums, guarantees and underwriting requirements vary by carrier and product.
HOW OAK HEALTH PLANS CAN HELP
How Oak Health Plans can help you make an informed decision
The calculator gives you a starting number. A licensed agent can help you compare that need with available policy features, underwriting and cost.
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1
Estimate the need
Use DIME and note any assets, existing coverage or responsibilities the formula misses.
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2
Compare policy options
Review coverage amount, term, premiums, riders, exclusions and what is guaranteed.
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3
Apply with clarity
The carrier completes underwriting and makes all approval, rating and policy decisions.
Want help making sense of the number?
LIFE INSURANCE ANSWERS
Questions people ask before applying
Start with the short answer, then open any question for more detail. Exact policy terms always come from the carrier documents.
Still unsure?
Talk through your family, budget and coverage goals with a licensed agent.
How much life insurance do I need?
There is no universal amount. A useful starting point is to total debts, the income your household may need to replace, the mortgage and future education costs. Then consider savings, existing coverage, final expenses, caregiving and other goals before choosing a policy amount.
Is the DIME calculator a life insurance quote?
No. The calculator estimates a possible coverage need only. It does not estimate premiums, determine eligibility, select a policy or submit information. A carrier sets the final price and makes the underwriting and approval decision.
What is the difference between term and permanent life insurance?
Term life covers a period stated in the policy, such as 10, 20, 30 or 40 years depending on the carrier and product, and generally does not build cash value. Permanent life is designed for longer-term coverage when required premiums are paid and may include cash-value features. Costs, guarantees, riders and flexibility vary by product.
Does life insurance require a medical exam?
It depends on the carrier, product and amount requested. Some applications use health questions, records or an exam; others may use simplified underwriting. “No-exam” does not necessarily mean guaranteed approval, and the carrier can decline or change the offered rate.
Can I rely only on life insurance through work?
Employer coverage can be valuable, but the amount may be limited and the coverage may end or change when employment ends. Compare the employer benefit with your actual needs and confirm whether it is portable or convertible before relying on it.
Who receives the life insurance benefit?
The policyowner names one or more beneficiaries according to the policy and applicable law. Beneficiary choices should be reviewed after major life events. Ask for legal or tax guidance when naming a minor, trust, estate, business or charity.