Work out insurance needs analysis instantly with clear inputs, formula shown and shareable results.
Life cover should replace income, clear debts and fund committed goals such as education. Adding the three and deducting existing policies gives the genuine gap, which is usually far larger than rules of thumb suggest.
Needs analysis
Need = 10 × annual income + outstanding debt + future goals; gap = need - existing cover
Figures are estimates for planning only. Prices, returns, inflation and personal circumstances all change. This is not financial or tax advice — speak to a qualified adviser before making decisions.
It approximates the capital needed to generate a replacement income for dependants over the years they need it.
Only cautiously — it usually ends with the job, exactly when other protection may also be unavailable.