Life insurance needs calculator
Estimate how much life cover your family might need. Based on your income, mortgage, debts, dependants, and existing savings — not a quote, not a recommendation.
Net income — what you take home after tax.
Leave as 0 if none or not applicable.
e.g. 10 years. Adjust based on your dependants' ages.
0 if no mortgage or using separate mortgage protection.
Total support needed per child through to adulthood. Adjust to your situation.
A rough allowance — funeral costs in the UK are typically £4,000–£9,000+
Amounts your family could draw on.
Include death-in-service benefit from your employer if applicable.
Assumptions and methodology
Need = max(income to replace − partner income, 0) × years + mortgage + other debts + children support − existing savings − existing life cover. Result is floored at zero. Low/medium/high scenarios vary the income replacement years.
Common mistakes to avoid
- ✕Forgetting to include your outstanding mortgage — this is often the largest component.
- ✕Not accounting for your partner's income — if your partner works, the need is often lower than income alone suggests.
- ✕Using gross income instead of net (take-home) income for the income-replacement calculation.
- ✕Forgetting existing life cover such as death-in-service benefit from your employer.
Frequently asked questions
You can. If you do not have separate mortgage protection insurance, including the outstanding balance here gives you a combined figure. If you plan to take out dedicated mortgage protection cover, you can leave the mortgage out to avoid double-counting.
Common approaches are 10 years, 15 years, or until your youngest child reaches 18–21. There is no single answer — it depends on your family's financial needs and your partner's income and career prospects.
This is a useful starting point for thinking about your needs. For a significant financial decision like this, we recommend speaking to a regulated financial adviser or qualified broker who can assess your individual circumstances.
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Disclaimer
This is a simplified estimate based on the assumptions shown above. It isn't a quote, and a real insurer may arrive at a different figure. Use it as a starting point, then check the details with your insurer or adviser.