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Answer a few questions to figure out the exact amount of life insurance you'll need to pay off your debts, earnings, and everyday living expenses. We'll also get some information on your income, assets, and loans to calculate this.
Answer a few questions about your assets, debts and cover to get an estimate on how much life insurance you might need
You really need life insurance before something happens. If you have a job, have others depending on you financially, or have any debts or loans, you need to think about taking out a policy. That way, you and your family are protected financially should something life-changing happen. In most cases, life insurance pays out a lump sum when you die or become terminally ill.
This money can help your family to sort out their finances and ensure they maintain the same quality of life you helped provide them with even after you're gone. The money they receive can cover funeral expenses, mortgage repayments, debts, and day to day costs.
There are few different kinds of life insurance. To help you find the one that you need, here's what they do in a nutshell:
A large lump sum payment for your family (if they are the beneficiaries you list on your policy) if you die.
Monthly salary replacement payments if you get sick or are in an accident and are forced to temporarily stop work.
A lump sum payment for specific illnesses e.g. if you become critically or terminally ill.
A lump sum payment if you become permanently disabled and can't work again.
You don't need to remember the different types of insurance to use our calcular. Rather, our calculator asks, 'What are you looking for?' with answers such as 'a lump sum payment for your family if you die' and 'salary replacement if you get sick and can't work'.
A life insurance calculator is a really helpful guide. It gives you an idea of what you might need if something happens. It's worth noting that the estimate it provides should only be used as a general guide to help you receive a preliminary quote. Once you have received a preliminary quote, it is still worth speaking with an adviser to help you determine an appropriate amount of cover for your situation.
This is largely because, while it can provide a good estimate, it can't take into account every expense you have. Other factors, such as hospital or funeral expenses, might cost more where you live and need to be taken into account as well.
There are a few important things you'll need to consider when buying a life insurance policy. These include:
If your children are grown up and financially independent, that can definitely ease the financial pressure on you. However, that doesn't mean you won't have other payments to consider like your house, car and other debts you might have. A calculator can give you an idea of the money you will need to ensure that's all taken care of when you're gone.
Your life insurance premiums will differ depending on a number of factors including:
To have a good idea of costs, read our life insurance cost page.
You pay the same price as buying directly from the life insurer.
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We've done 100+ hours of policy research to help you understand what you're comparing.
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