Life Insurance


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Estimate How Much Life Insurance You Need

This helps you work out how much life insurance you really need. This is for pure protection, sometimes called "term insurance", not investment-linked contracts such as whole-life plans or endowments.

ONE-OFF PAYMENT
 
Work out what the costs of dying are likely to be.
 

Funeral expenses (no commas)


What debts do you have which should be repaid? You do not want to leave your partner / dependents a mortgage to pay off.
 
Mortgage
Loans, bills
Estimated value of estate*
Are you and your partner married? No Yes
 
LIVING EXPENSES
 
Work out how much your partner would need to live on.
 
Living costs per month
Partner's likely net income per month

Now you need to decide how long this annual shortfall will need to be met.
 
Enter number of years Years

OTHER ASSETS
 
However you may have other assets which can help bridge this gap. Firstly existing covers, eg. mortgage endowment cover.
 
Death in service cover
Endowment cover

Now add assets that could be sold. But remember it makes sense to keep some savings in case of emergencies, e.g large repair bills.
 
Assets


RESULT
 
Calculate
Total one-off payment
Surviving partner's income shortfall per year
Total living expenses
Total expenses
Assets and covers

TOTAL COVER REQUIRED
 
This is how much extra life
insurance you need to buy.

Useful Links

>>> Other Money Calculators
>>> Get Life Insurance Advice

 

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