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Life insurance
The DIME method is a quick life insurance needs formula that adds four items: Debts, Income replacement for a set number of years, the Mortgage balance and Education costs for children. Existing coverage and savings are then subtracted to show how much new death benefit a family may need.
DIME is popular on kitchen-table appointments because it is easy to explain and every input is something the client already knows. Its weakness is that it ignores inflation, investment returns and spending that falls away after a death, so many agents use it as a starting point rather than the final answer.
The life insurance needs calculator follows the same structure: Annual Income times Years of Income to Replace, plus Mortgage Balance, Other Debts, Final Expenses and an Education Fund, less Savings & Investments and Existing Life Insurance. When the lead arrives, each component is broken out, so the producer can see which piece drives the total.
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