JobzbrvStart with the people, not the price
Cover is only useful if it matches what your household would face without you. This calculator walks through that list line by line and tells you what is still uncovered once existing protection is counted.
What goes into the total
It multiplies your income by the years of support you want, then adds other loans, the mortgage, the education budget for each child and $15,000 for final costs. Existing life cover and spare savings are taken off the top.
Worked through once
Take Omar, 38, on $75,000. Ten years of pay is $750,000. He owes $15,000 on a car loan, has a $200,000 home loan and two kids with $80,000 earmarked each. With the $15,000 for final costs, the family would face $1,140,000. A $100,000 workplace benefit and $30,000 savings leave a gap of $1,010,000.
Fine-tuning
Working partner? Shorten the support years. Paying the mortgage early? Lower the balance. Looking after a parent? Include that as a debt. Adding a small buffer for rising costs is also common.
What it cannot see
Tax, survivor pensions, investment growth and future raises are outside the model. Use the answer as a sensible first draft and update it after big life changes.
Common questions
Does a rule of thumb work instead?
Multiples like 10x income give a rough idea, but they ignore your loans and kids, so this tool is more personal.
Should workplace cover count?
Yes, but remember it often ends when you change jobs.