How much life insurance cover do I need?

Add up what your family would need if your income stopped, then subtract the cover and assets you already have. What’s left is your protection gap.

What your family would need

Yearly amount to support your family

Their living costs without you, in today’s money.

For how many years

yrs

For example, until your youngest child finishes school.

Debts to clear

Mortgage, car and other loans.

Other goals to fund

For example, children’s education.

Final expenses

What you already have

Existing life insurance cover

Savings and investments your family could use

Assumptions

Return on the payout

% / yr

What the lump sum could earn while it’s being used.

Inflation

% / yr

Your protection gap

—

Total your family would need

—

What you already have

—

Lump sum for living costs

—

Years the gap represents

—

Breakdown

The living-cost amount is the lump sum that, invested at the return you enter, pays the yearly amount (rising with inflation) at the start of each year for the number of years you choose.