Life insurance is a vital tool for protecting dependents, but many families are over-insured or pay for expensive whole life policies that function as poor investment products. In reality, you only need **term life insurance** to bridge the gap between your liabilities (mortgage, child raising costs) and your current assets.
The concept of **self-insuring** means that as your investment portfolio grows and your liabilities decrease (such as paying down your mortgage and children graduating), your need for life insurance drops. Once your net worth is large enough to sustain your dependents, you can cancel your policies entirely.
Calculate your exact term coverage requirements below, and project the calendar year you will achieve full self-insured independence.