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Family Insurance Budget

Free Family Insurance Budget calculator with clear step-by-step results.

About Family Insurance Budget

Aggregates every household premium into one monthly figure and expresses it against net income, which is the ratio that reveals whether the family is under-insured or paying for overlapping cover. The largest-policy share points at where a review would move the number most.

Formulas

Total premium

Monthly = health + life + home + auto + other cover

Share of income

Share % = total monthly premium / household net income x 100

Worked example

With the default values below, Family Insurance Budget returns Insurance as a share of net income of 13.97%. Change any input above and every figure here is recalculated in your browser.

Inputs used

Health insuranceminimum 0 $/month
520 $/month
Life insuranceminimum 0 $/month
85 $/month
Home or contents insuranceminimum 0 $/month
110 $/month
Auto insuranceminimum 0 $/month
165 $/month
Income protection and other coverminimum 0 $/month
70 $/month
Household net incomeminimum 1 $/month
6,800 $/month

Results

Insurance as a share of net income
13.97% %
Total monthly premiums
$950.00
Annual insurance spend
$11,400.00
Largest policy as a share of the total
54.7% %

Step by step

  1. 1Values used
  2. 2Total premium
  3. 3Share of income
  4. 4Insurance as a share of net income= 13.97 %
  5. 5Total monthly premiums= $950.00
  6. 6Annual insurance spend= $11,400.00
  7. 7Largest policy as a share of the total= 54.7 %

Assumptions and limits

  • The result is derived only from the 6 inputs listed above. Anything not among them is not part of the calculation.
  • In particular, this calculator does not take inflation, tax, fees or charges or compounding frequency into account.
  • Figures are rounded for display to 2 decimal places, so totals built from several rounded parts can differ slightly from the unrounded arithmetic.
  • Adequate cover depends on individual circumstances, dependants, debts and local regulation. This is a budgeting tool, not insurance advice - review cover with a licensed adviser.

How these calculators are built and tested is described on the Methodology page. If a figure looks wrong, please report it.

Adequate cover depends on individual circumstances, dependants, debts and local regulation. This is a budgeting tool, not insurance advice - review cover with a licensed adviser.

Frequently Asked Questions

What share of income is reasonable?

Commonly cited guidance is 5-10% of net income across all policies, though households with private health cover in countries without universal provision routinely exceed that.

How do I reduce the total without dropping cover?

Raise deductibles on the policies where you could absorb the loss, consolidate multi-policy discounts, and check for cover you already hold through an employer or credit card.

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