Work out insurance sum assured requirement instantly with clear inputs, formula shown and shareable results.
The needs-analysis approach sizes life cover from what the family would actually require: annual expenses multiplied by the years of support needed, plus debts that must be cleared, less assets and cover already in place. It gives a defensible figure rather than an arbitrary income multiple.
Total need
Need = Annual expenses x Years of support + Outstanding liabilities
Cover gap
Sum assured required = max(0, Need - Existing savings and cover)
Indicative estimate only. Fees, entitlements, limits and formulas vary by jurisdiction, statute, policy wording and the facts of the case. This is not legal, tax, insurance or financial advice — confirm with a qualified professional or the relevant authority.
Ideally yes — either uprate the expense figure or lengthen the support period. A real-return assumption on the invested lump sum is the more precise approach.
Because they would be available to the family. Ignoring them leads to buying and paying for cover you do not need.