Life cover calculator
Estimate how much life cover you may want to explore to help your family manage debts, everyday living costs and future expenses if you die.
Your details
Add the financial needs your family may face, followed by any cover or assets already available. The calculator estimates a possible additional lump-sum need in today's money.
Your results
Complete the required fields and select Calculate my life cover gap to see your estimate.
Enter your details to see your estimate. The figures below will remain blank until you calculate.
Estimated life cover gap
—
This will show the estimated additional lump sum after the existing cover and assets entered are deducted.
Mortgage and other debts
—
Household living-cost support
—
Future and immediate costs
—
Existing cover and assets deducted
—
Monthly household shortfall
—
Support period used
—
Your result will explain whether the resources entered reduce or meet the estimated financial need.
How the estimate is calculated
Mortgage and debts, household living-cost support, and future and immediate costs are added together. Existing cover and the assets entered are then deducted.
Important information
- This calculator estimates a possible lump-sum need in today's money. It does not allow for inflation, investment returns, tax, State support or changes to future income and spending.
- The result is for general information only. It is not a personal recommendation, insurance quotation or confirmation that cover is available.
- No premium is estimated. Premiums and acceptance depend on factors including age, health, lifestyle, smoking, family medical history, occupation, the amount and term of cover, and insurer underwriting.
- This calculator does not select between level, decreasing, increasing, whole-of-life or family income benefit cover. These products work differently.
- Life cover pays on death subject to the policy terms. It does not replace income following illness or injury unless separate relevant cover is in place.
- Existing employer benefits can change or end. Check beneficiaries, trusts, policy exclusions and possible tax or estate implications with an appropriately qualified adviser.
- Answer all insurer questions fully and accurately. A claim may be affected if material information is missing or incorrect, and cover normally ends if required premiums are not maintained.
Your next steps
Your life cover estimate is a starting point. Learn more about life insurance and explore other ways to protect your income and the people who depend on you.
Understand life insurance
Learn how life insurance works and explore the different types of cover that could help protect your family financially.
Explore life insurance →
Explore critical illness cover
See how critical illness cover could provide financial support if you are diagnosed with a specified serious illness.
Explore critical illness cover →
Protect your monthly income
Estimate the income protection cover you may want to explore if illness or injury prevented you from working.
Calculate your income gap →
Want help protecting your family?
Not sure how much cover to consider or what type of protection may suit your circumstances? Our protection advisers can help you understand your options and how existing cover, debts and family needs could affect the level of protection you explore.
Your questions answered
What does the life cover calculator show?
The calculator estimates how much additional life cover you may want to explore based on the financial needs and resources you enter.
It considers your mortgage and other debts, essential household spending, how long you want to provide financial support, future and immediate costs, and any existing life cover or savings available to your family.
The result is an illustration only and does not confirm how much cover you should take out.
How is my life cover estimate calculated?
The calculator first works out your monthly household shortfall by subtracting any continuing household income from your essential monthly spending.
It then multiplies that shortfall by 12 and by the number of years you want financial support to last. Your mortgage and other debts, future costs and immediate expenses are then added.
Finally, any existing life cover and savings or investments you enter are deducted to estimate your additional life cover gap.
Why does the calculator ask about household spending?
Life cover can be used for more than repaying a mortgage or other debts. You may also want to consider how your family would meet essential everyday costs if your income was no longer available.
The calculator compares your family’s essential monthly spending with any household income that would continue. It then uses the support period you enter to estimate how much could be needed to help cover that monthly shortfall.
Should I include existing life cover and savings?
Yes, if you expect those resources to be available to help meet the needs you are calculating.
You can include existing life insurance, confirmed workplace death-in-service benefits and savings or investments that you would expect your family to use.
These amounts are deducted from the financial need calculated, so only include resources you genuinely expect to be available for these purposes.
What if my existing cover and savings are already enough?
If the existing cover and assets you enter meet or exceed the financial need calculated, the calculator will show an estimated additional life cover gap of £0.
However, this does not necessarily mean that no additional cover is needed. The timing, availability and suitability of those resources may still matter, and your circumstances or future needs could change.
Does the calculator give me a life insurance quote?
No. The calculator provides an illustrative estimate of a potential life cover gap. It does not calculate an insurance premium, recommend a particular policy or confirm that cover is available.
The cost and amount of cover available can depend on factors including your age, health, lifestyle, occupation, smoking status, family medical history, the amount of cover and the policy term.
Important information
These results are for general information only and are based on the information you enter. They are not an insurance quote, policy recommendation or personal financial advice.
The calculator estimates a potential lump-sum need by adding your mortgage and other debts, household living-cost support and future or immediate costs. Existing life cover and the savings or investments entered are then deducted.
The estimate is shown in today’s money and does not allow for inflation, investment returns, tax, State support or future changes to income, spending or family circumstances.
The calculator does not select between different types of life cover, including level, decreasing, increasing, whole-of-life or family income benefit policies. These products work differently and may suit different needs.
No premium is estimated. Premiums, acceptance and the amount of cover available can depend on factors including your age, health, lifestyle, smoking status, occupation, family medical history, the amount and term of cover and the insurer’s underwriting criteria.
Life cover pays on death where a valid claim meets the policy terms. It does not normally provide an income if you are unable to work because of illness or injury, unless separate relevant cover is in place.
Existing workplace or employer benefits can change or end. Check the cover you currently have before relying on it.
You should answer insurer questions fully and accurately. A claim may be affected if material information is missing or incorrect, and cover will normally end if required premiums are not maintained, subject to the policy terms.
Muttuo does not provide tax or legal advice. Tax or estate implications can depend on your circumstances and may change in the future.