DIME Method
DIME is an acronym that stands for Debt, Income, Mortgage, and Education expenses. Basically, you add the expenses in each category to get your base life insurance number.
D=Debt
I=Income (multiplied by the number of years you want to replace your income)
M=Mortgage Balance
E= Education (future needs such as college costs for kids)
On average, the sum of all these numbers is the amount of Life Insurance the Insured needs.