Life Insurance Calculator

Cover Calculator

Life Insurance Calculator

We'll help you work out how much cover you feel you need.

  1. How much do you owe on your mortgage?

    The amount you still owe on your mortgage is the number you're after. Take a look at your most recent mortgage statement to find out what the outstanding balance is.

    The amount you still owe on your mortgage is the number you're after. Take a look at your most recent mortgage statement to find out what the outstanding balance is.

  2. How much would you like to leave to support your children?

    Think about how much each child might need per year to make sure they're looked after until they are independent. This could be when they are 18 or later if they go to university. You could include university fees in this figure.

    Think about how much each child might need per year to make sure they're looked after until they are independent. This could be when they are 18 or later if they go to university. You could include university fees in this figure.

  3. How much do you owe on other debts?

    Think about repayments that come out of your account each month like loans or credit cards. You might have store card balances, a car loan and items on HP, for example.

    Think about repayments that come out of your account each month like loans or credit cards. You might have store card balances, a car loan and items on HP, for example.

  4. How much would you like to leave as a lump sum?

    Think about anything else that would need to be dealt with if you died. This could include funeral expenses or other unforeseen financial commitments.

    Think about anything else that would need to be dealt with if you died. This could include funeral expenses or other unforeseen financial commitments.

  5. How much other life cover do you have?

    If you have other life cover in place, you can cut down how much life insurance you need. Your employer may offer 'death in service' cover which pays out if you die. We will remove this amount from the total.

    If you have other life cover in place, you can cut down how much life insurance you need. Your employer may offer 'death in service' cover which pays out if you die. We will remove this amount from the total.

The amount you have calculated is over £10,000,000.

Please amend some of your answers so that the total cover amount is £10,000,000 or less.

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This calculator is designed to help you understand the amount of cover you may need. If you require any advice, please call Life Search on 0800 170 1963.

Using our life insurance calculator
 

Deciding to buy life insurance is a huge step towards getting essential financial protection for your family and loved ones. But how much cover should you buy?


This is a crucial decision for a couple of reasons.
First, you need enough protection to clear your outstanding loans, such as your mortgage, and to provide for your family’s financial needs.  Secondly, the more protection you buy – known as the policy’s ‘sum insured’ – the bigger the premium will be.


So while you need to have enough, you definitely don’t want too much!


Finding the right figure


With this in mind, we’ve developed our life insurance calculator.


You enter a few numbers – your outstanding mortgage, your other debts, your typical family expenses, and so on – we can help you decide what to choose as your policy sum insured.


Armed with this information, you can run a life insurance quote with confidence, knowing that you’re buying the right amount of protection for your particular situation.


Easy to use


We’ve made sure the life insurance calculator is quick and easy to use – and you can go back and make adjustments to see what affect this has on the final result.


Please remember – this nifty tool is designed to help you work out how much life insurance you should buy. You’ll still need to work out how long you need protection for – for many people, that’s the remaining duration of their mortgage.


So if you want to cover your mortgage which has 20 years to run, that should be the duration – or the ‘term’ – of your insurance policy.
 

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