Life Insurance Calculator
To help you get a feeling for the amount of life cover you might require, we have provided a handy calculator for you. Note that this will not give you costs of premiums, and it does not take into account the wide array of life insurance products out there. It is for indicative purposes only, and will only give you a general idea of how much you need to be insured for. By far the best method to sort out your life insurance needs is to talk to us.
Please note that Protego values your privacy and we do not store any of the information put into this calculator. The information you enter is only used once in determining the estimated amount of Life Cover.
| Life Insurance Calculator | ||
| Debts | ||
Medical fees (e.g. hospital fees): |
$ |
|
Outstanding Loans (e.g. credit cards, personal loans, overdrafts): |
$ |
|
Funeral Costs ($5,000 is about average): |
$ |
|
Outstanding Mortgage: |
$ |
|
Children's Education Fees: |
$ |
|
| Future Income | ||
Required Family Income (per annum): |
$ |
|
Number of Years to Keep Up the Income: |
||
Investment Interest Rate (%): |
||
| Assets | ||
Liquid Assets: |
$ |
|
Existing Life Insurance Cover: |
$ |
|
| Life Cover Required: | $ | |
About the Calculator
What do I have to enter?
You only need to put in the values that are applicable to you. For example, if you have no outstanding debts or loans, then you can leave that field blank.
What do the fields mean?
The calculator is broken down into three main sections:
Debts
This is how much you owe: personal loans, medical bills, outstanding mortgages, etc.
Future Income
This is how much money your family will need to live on after you're gone. The standard way is to realise this as an annuity - i.e. a regular income for your family over a number of years. The insured amount of the life can be invested at the start of the annuity period and earn interest to help the money go further.
Assets
This is any other thing that can provide income for your family after you've gone, such as other, existing, life insurance policies or other investments.
How is the life cover required calculated?
The estimate of life cover required is the sum of your debts plus your family's future income less your assets. As noted above, you can leave out fields if you have nothing to put in them.
