Life Insurance Needs Calculator
Estimate how much life insurance cover you need with the DIME method — debts, income replacement, mortgage and education — minus savings and existing cover.
For information and education only — not financial advice. Results are estimates based on the numbers you enter; check important decisions with a qualified professional.
How to use
- 1Enter your debts, income and how many years your family would need it replaced.
- 2Add the mortgage and education costs, then subtract savings and existing policies.
How it's calculated
Need = debts + (income × years) + mortgage + education + final expenses − savings − existing life cover.
Frequently asked questions
How many years of income should I cover?
Often until your youngest child is independent, or until your partner would reach retirement — commonly 10 to 20 years.
Term or whole life?
Term life covers a fixed period and is far cheaper for the same amount. Many advisers suggest term for income replacement.
Does workplace cover count?
Include it under existing cover, but remember it usually ends if you leave the job.