Life Insurance Calculator

Tell us more about you...

Do you have a mortgage or rent?

Mortgage

Rent

Neither

How much do you owe on your mortgage?

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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.

How long is left on your mortgage?

i

This is the number of years left on your mortgage. If you're not sure, take a look at your most recent mortgage statement.

What is your monthly rent?

i

If your rent changes from month to month, try to provide an average figure.

How many children and/or financial dependents do you have?

i

A dependent is someone who relies on you and your income.

How old is your youngest child/dependent?

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We only ask for the age of the youngest dependent so that we can be sure the policy covers all dependents until they are old enough to support themselves financially.

How much would you like to leave for each child/dependent?

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This is to ensure that the policy pays out enough to cover all your dependents.

Until what age would you like to cover your children/dependents?

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Your policy will end once all your dependents have reached this age, unless your mortgage term is longer (if applicable).

How long would you like your cover to last?

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This is the number of years you'd like the policy to last. NOTE: If you have a mortgage and the term is longer than your cover term, we'll use your mortgage term instead.

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

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This is the amount you'd like to go into your estate (or trust) for your next of kin and is separate to your mortgage (if you have one). If you only want to cover your mortgage, leave this question blank.

What is your monthly take-home pay?

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We're looking for the amount that goes in your pocket each month. If your pay changes from month to month, try to provide an average figure. We use this to calculate the Martin Lewis Recommended Sum below.

Other financial commitments

What are your average debts per month?

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We don't ask for your individual debts because no one's credit card balance stays the same every month. Just give us an estimate as to how much debt you pay off each month. Include loans, credit cards, and any other debts you have.

How much would you like to set aside for funeral costs?

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The average cost of a funeral in the UK is over £4,000, but it can be much higher. This is a difficult question to answer, but it's important to consider.

Existing assets and life cover

Existing life policy:

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Please only include any existing life insurance that you do not plan to cancel. If you're going to cancel your existing cover, don't include it in this question.

Savings:

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If you have any savings, you can include them here. If you don't have any savings, leave this question blank.

Investments:

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If you have any investments, you can include them here. If you don't have any investments, leave this question blank.

Value of property you own outright:

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A property that you own outright is a property that you own without any mortgage or loan secured against it. If you don't own any property outright, leave this question blank.