What is it?
The Life Insurance Cover Calculator works out the Life cover you need and compares it with the Quick rule: 10–15 × income.
Who is it for?
Earning family members, especially with dependants or loans, deciding how much term cover to buy.
How to use it
- Enter Your yearly income, Your age and Retirement age.
- Enter the Family’s yearly expenses without you, Loans outstanding and Future goals (children’s education, marriage).
- Subtract Savings and existing life cover, and set Inflation and the Return on the money.
The needs method
Needs method: the money your family would need to replace your support, clear loans and meet goals, minus what you already have. A pure term plan is the cheapest way to buy this cover.
Tips
- Cover until your youngest child is independent and loans are paid, often to age 60–65.
- Employer group cover ends when you leave the job; don’t count on it fully.
- Buy young: premiums are fixed at the age you buy and rise each year you wait.
- Disclose health and habits (smoking, alcohol) truthfully, or claims can be rejected.
- Endowment and ULIP policies give far less cover for the same premium.
This is an estimate to help you plan, not financial or tax advice. Read the scheme or policy documents, and ask a qualified adviser for big decisions.
Errors and how to fix them
- “Check your age and retirement age”: age must be below retirement age.
Open the tool: Life Insurance Cover Calculator
Still stuck?
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Questions, or an error not listed here?
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