Life insurance calculator
Work out how much cover your family would need if you died, and roughly what it would cost each month. Change any figure and the answer updates straight away.
How the calculator works
Life insurance should cover two things: what your family would owe, and the income they'd lose. The calculator adds up each cost, takes off what's already in place and rounds the result up to the next £5,000, because insurers sell cover in round amounts.
With the example figures: £180,000 mortgage, £28,000 a year for 10 years (£280,000), £8,000 of other debts, 2 children at £20,000 each (£40,000) and £5,000 for the funeral come to £513,000. Take off £15,000 of savings and the family would need £498,000, which rounds up to £500,000.
Choosing each figure
Mortgage
Use the balance you still owe, not the price you paid. Your lender's annual statement or app shows it. If you have a joint mortgage, a single payout clearing it means your partner keeps the home without the monthly payments.
Income and years
Enter the take-home pay your household would lose, after tax. For years, a common choice is the number of years until your youngest child finishes school or university. If your partner earns too, you may only need to replace part of your income.
Children
This is money on top of day-to-day income: childcare if the surviving parent needs to work more, school trips, driving lessons, help with university. There's no right figure. £10,000 to £30,000 per child is a range many families use as a starting point.
Savings and existing cover
Only count savings your family could actually use. A pension you can't reach until 55 or later won't pay this month's bills. Existing cover includes any other life policies and death in service from your job, which usually ends if you leave.
What changes the price
Age matters most. Using Aviva's published prices, £10 a month bought £289,847 of level cover over 20 years for a 30-year-old non-smoker, but only £59,917 over 10 years for a 50-year-old. The other big factors are:
- Smoking. Smokers usually pay far more than non-smokers. Insurers generally treat you as a smoker if you've used tobacco or nicotine products in the past 12 months.
- Length of cover. A longer term costs more because it runs into older ages.
- Type of cover. Decreasing cover costs less than level cover. Adding critical illness cover costs considerably more.
- Health and lifestyle. Weight, blood pressure, medical history, family history, a risky job or hobbies can all raise the price.
See typical prices for each age on our life insurance cost by age page.
Before you buy
- Put the policy in trust. A trust can get the money to your family faster, without waiting for probate, and can keep it outside your estate for inheritance tax. Most insurers offer a free trust form.
- Joint or two single policies? A joint policy pays out once, on the first death. Two single policies cost a little more but can pay out twice.
- Tell the insurer everything. If you leave out health or lifestyle details on the application, a claim can be refused.
Questions people ask
How much life insurance do I need?
Enough to clear what your family would owe and to replace the income they'd lose, less what you already have. For most households that means the mortgage, a number of years of your take-home income, any other debts and a sum towards the children, minus savings and any cover you already hold (for example, death in service through work). The calculator above adds these up for you.
Is 10 times my salary a good rule of thumb?
It's a quick starting point, but it ignores the two things that change the answer most: the size of your mortgage and how many years your family would need your income. Someone earning £30,000 with a £250,000 mortgage and two young children could need far more than £300,000. Someone with no mortgage and grown-up children may need much less. Working through the figures is more reliable.
Should I use my salary before or after tax?
Use your take-home pay. Life insurance payouts are normally paid free of income tax, so your family would be replacing what actually reaches your bank account, not your gross salary.
How accurate is the monthly cost?
It's a rough guide, not a quote. We fitted it to prices Aviva published for level term cover for non-smokers (correct on 2 February 2026). Your real price depends on your health, weight, family history, job and the insurer you choose. We show a range for that reason. For smokers we double the price, which is only a rough allowance.
Should I count death in service from my employer?
You can, but think about whether you'll stay in the job. Death in service usually stops when you leave, and it's often 2 to 4 times your salary. If you count it here, make sure the rest of your cover would still be enough if you changed jobs.
Level or decreasing cover?
Level cover pays the same amount whenever you die during the term, so it suits income replacement and family costs. Decreasing cover falls over time, roughly in line with a repayment mortgage, and costs less. Many couples combine the two: decreasing cover for the mortgage and a smaller level policy for everything else. Our decreasing life insurance calculator shows how that cover falls year by year.
Do I need to give any personal details?
No. The calculator runs in your browser. We don't ask for a name, email or phone number, and the figures you type aren't sent to us.