Life insurance

Estimate how much life insurance you really need. This covers pure protection here - so-called "term insurance", not investment-linked contracts such as whole-life plans or endowments.

Payment

Work out what the costs of dying are likely to be.

Funeral expenses
(no commas, eg. 7000) 		£

What debts do you have which should be repaid? You do not want to leave your partner a mortgage to pay off!

Mortgage £
Loans, bills £
Estimated value of estate* £
Are you and your partner married?* No  Yes
* Unmarried partners must pay 40% Inheritance Tax on estates over £234,000
Living
Work out how much your partner would need to live on.
Living costs per month £
Partner's likely net income per month £
Now you need to decide how long this annual shortfall will need to be met.
Enter number of years years

Assets

However you may have other assets which can help bridge this gap. Firstly existing covers, eg. mortgage endowment cover.

Death in service cover £
Endowment cover £

Now add assets that could be sold. But remember it makes sense to keep some savings in case of emergencies, e.g large repair bills.

Assets £

Results

Total one-off payment £
Surviving partner's income shortfall per year £
Total living expenses £
Total expenses £
Assets and covers £

Total

This is how much extra life insurance you need to buy. £


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