Life Insurance Cover Calculator - how much life cover do you need ?
Click here to launch the calculator
The life insurance cover calculator is a tool to help you calculate a very important question - how much life insurance do you realistically need ?
It is a fact that many people either have too little or too much life insurance. However, what is the optimal amount of life insurance for an individual ?
Obviously this depends on individual circumstances. In the case of an individual with dependents, the amount of annual expenditure should be covered until the dependents are of an age to take care of themselves.
For individuals or couples without dependents, the need for cover regular expenditure upon death may be less, or unecessary.
Then consider outstanding debts, such as mortgages, credit cards, or other debts, such as car loans, etc. These would need to be repaid upon your death, or the repayments covered.
If you already have life insurance, then this should be factored into the calculation.
Also, you should take into account the effects of inflation and interest rates, as this will reduce the buying power of the today's income in the future, but also reduce the value of today's loans in the future.
Click on the following link for more details on the differences between the various types of life assurance.
The figures projected by the calculator are only for guidance purposes, and are by no means guaranteed.
Recent Financial Topics
Among the companies with reports and trading updates today are Anglo American, Currys, Greggs, Vodafone and Virgin Money.
BUSINESS LIVE: UK wage growth higher than forecast; Anglo American eyes asset sales; Currys ups guidance
14/05/2024 02:45 AM
I would like to start giving some money away, as I realise a large chunk of my estate will end up facing inheritance tax.
I'm 77, still working and worth £2.6m - how can I cut inheritance tax?
14/05/2024 01:00 AM
Last June, 3.4m members received a £100 payment from the building society. Now they will be wondering whether the offer will be replicated this year.
Will Nationwide pay out a £100 loyalty bonus again this year?
14/05/2024 01:00 AM