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Your monthly mortgage payment uses this formula: M = P[r(1+r)ⁿ]/[(1+r)ⁿ−1], where P = loan amount, r = monthly interest rate, and n = total number of payments. On a $280,000 loan at 6.8% for 30 years, your monthly payment would be about $1,830. Figuro calculates this instantly — just enter your numbers above.

Term life covers you for a fixed period (10–30 years) and pays a death benefit if you die during that term. Premiums are low — a healthy 35-year-old might pay $25–35/month for $500k of 20-year coverage. Whole life is permanent, never expires, and builds tax-deferred cash value you can borrow against, but premiums are 5–15× higher. Term life is ideal for income replacement; whole life suits estate planning.

An Indexed Universal Life (IUL) policy is permanent life insurance whose cash value growth is linked to a stock market index like the S&P 500. It has a cap (max gain, typically 8–12%) and a floor (min gain, usually 0%), so you participate in market upside without losing money in down years. IULs can be powerful for high-income earners who've maxed out 401k and IRA contributions, but internal fees can significantly impact returns. Always review a full policy illustration from a licensed agent.

With a Traditional IRA, contributions may be tax-deductible now, but you pay taxes when you withdraw in retirement. With a Roth IRA, you pay taxes now but withdrawals in retirement are 100% tax-free. Roth wins if you expect a higher tax rate in retirement (common for younger people). Traditional wins if you're in a high tax bracket now and expect lower income in retirement. The 2025 contribution limit is $7,000/year ($8,000 if 50+).

The most precise method is DIME: Debts (all outstanding debts) + Income (your annual salary × years until retirement) + Mortgage (current balance) + Education (estimated cost for each child). Then subtract your existing life insurance and liquid savings. A simpler rule of thumb is 10–12× your annual income. Use Figuro's Life Insurance Needs Calculator above for a personalized number in seconds.

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