Life Insurance Calculator
A life insurance calculator estimates how much cover is needed to protect dependants from financial hardship. The standard starting rule is 10–15× annual income.
- 1Cover = (Annual income × years to replace) + Debts − Liquid assets
- 2DIME method: Debt + Income (×years) + Mortgage + Education costs
- 3Term insurance: fixed period; whole of life: permanent cover
- 4Review after major life events
£50k income, £200k mortgage, 2 dependants=Minimum cover: £200k mortgage + £50k × 20yr = £1.2M
| Method | Formula | Example (£50k salary) |
|---|---|---|
| Income multiple | 10–15× salary | £500k–£750k |
| DIME | Debt+Income+Mortgage+Education | Personalised |
| Human life value | PV of future earnings | £500k–£1M |
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