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Life Insurance calculator

This life insurance calculator can help you work out how much money your loved ones may need to maintain the lifestyle they have now, were you no longer around to provide for them. It won’t help you decide how long you need cover for or the type of cover required.

The total life cover figure given is only intended as a guide based on the information you provide. It is not a personal recommendation and should not be taken as advice. This calculator doesn’t take into account your personal circumstances or the effect of inflation, which will reduce how much this amount will buy in the future.

Life insurance can be used to pay off your mortgage if you die. You may already have insurance in place for this.

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One Off Costs

Life insurance can be used to pay off your mortgage if you die. You may already have insurance in place for this.
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Please enter the amount left to repay on your mortgage. Please leave blank if not applicable, or if you only want to cover your monthly mortgage payments for a limited number of years.

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Life insurance can be used to pay off outstanding debts you may leave behind, such as loans and credit cards.
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Please enter the total amount of any outstanding debts such as loans, credit cards and store cards, other than your mortgage. Please leave blank if not applicable.

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Life insurance can be used to help pay towards the cost of your funeral.
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Please enter the amount you would like to put towards your funeral costs. Please leave blank if cover not needed for this.

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The average cost of a funeral in 2021 was £4,056. This covers the costs of the funeral itself, including the funeral director’s costs and any fees payable but does not include extras such as memorial, headstone, flowers and catering. Source: Average of quotes for standard cremation and burial arrangements from a sample of UK funeral directors. Critical Research, 2019

Do you want to cover living costs?

Add up all of your outgoings in a typical month, such as food, household bills, council tax and insurance. Don’t forget things like childcare, fuel and going out.
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Help me work out my living costs
For example, I want the amount paid out to be enough to meet my family’s living costs for the 10 years following my death.
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Education

Tuition fees vary by university and by country. This calculation is based on England’s current maximum tuition fees of £9,250 per year for 3 years. Source: www.gov.uk/student-finance

Discount

Include any existing savings if you’re happy for these to be used to provide money if you died. This will reduce the amount of extra cover you need.
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If you already have life cover, this could provide money if you died and reduce the amount of extra cover you need.
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Your life insurance calculation

Here is a summary of the amount of cover you may need. This is the sum total of each the answers you have given. The total life cover figure given is only intended as a guide based on the information you provide. It is not a personal recommendation and should not be taken as advice.

To remove anything you no longer want to include, please untick the relevant box in the table below.
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This calculation is based on the information provided. It is intended as a guide and is not a personal recommendation or quotation. It does not take into account your personal circumstances or the effect of inflation, which this amount will buy in the future.

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