Life Insurance cover calculator
See how much cover you may need
Know how much life insurance you need?
Our life insurance calculator helps you estimate how much cover you may need.
Simply enter your details in the fields below and click ‘Calculate’ to reach an approximate figure.
The information on this page should not be considered as financial advice. If you are unsure what’s right for you, please make sure you speak to a financial adviser.
Our life insurance calculator
Helps you estimate how much cover you may need. Just pop in your details below.
Important information
This life insurance calculator is an indication of the cover you may need based on the information you have provided.
It’s worth noting that:
- It doesn’t take into account the effects of inflation.
- Estimates exclude any existing life insurance cover you may already have.
- This calculator helps you consider the costs you may wish to cover. The questions we have asked may not be appropriate to your circumstances.
- If you are unsure of the amount of cover you require, you should speak to a Financial Adviser.
- Estimate doesn't account for age, which may impact the maximum term you're able to apply for.
- Should you apply for a life insurance policy, you will be responsible for ensuring that it meets your needs and your application will be subject to underwriting.
Things to consider when using our life insurance calculator
Life insurance pays out a sum of money to your loved ones or chosen beneficiaries if you die during the length of the policy.
There are different types of life insurance, and the amount of cover you need depends on your personal circumstances and what you want your policy to pay towards when you’re gone. This could include:
- Paying off a mortgage.
- Covering monthly mortgage or rent payments.
- Repaying loans or outstanding debt.
- Childcare costs and education fees.
- Household bills and everyday living expenses.
- Funeral costs.
- Offset inheritance tax.
If you’re wondering how much life insurance you need, our life insurance calculator is designed to estimate the amount of cover you might need to help protect your family financially in the event of your death.
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This is only a guide to help you with any decision you make. It’s not advice or a recommendation. If you’re unsure how much or what type of insurance you need, please speak to a financial adviser. It is important to remember that life insurance is not a savings or investment product and has no cash value unless a valid claim is submitted. Similarly, if you stop paying your life insurance premiums, you’ll no longer be covered. |
Why use a life insurance calculator?
Using a life insurance calculator is a simple way to understand how much cover you might need to protect your loved ones financially.
A life cover calculator can help you:
- Estimate the level of cover needed to support your family.
- Understand potential costs before applying.
- Plan for future financial commitments, such as mortgages or childcare.
- Take the first step towards securing your family’s financial future.
Life insurance itself provides a financial safety net, offering a cash lump sum if a valid claim is made.
This can help:
- Provide financial support for your dependents.
- Reduce the financial impact on your loved ones.
- Cover essential outgoings like rent or mortgage payments.
- Offer longer-term financial security and peace of mind.
Using a life insurance calculator today can help you make more informed decisions when protecting what matters most.
How much does life insurance cost?
Life insurance policies with LV= start from as little as £5 per month. But the cost of your life insurance policy could be affected by many factors, including your:
Age
The younger you take our life insurance, the lower your monthly premiums could be.
Health
You may get cheaper premiums if you’re in good health and less of a risk.
Lifestyle
If you smoke and/or drink your policy costs are likely to be higher.
Types of policy
Costs vary for whole of life, level term, and decreasing term life insurance policies.
Family history
Cover can cost more if you have a hereditary disease and are at greater risk.
Amount of cover
To achieve a bigger payout, you’ll pay more each month for your policy.
How does the life insurance cover calculator work?
Using our life insurance calculator couldn’t be easier. You’ll receive an estimate to help you decide how much cover you might need in a matter of moments.
When using our life insurance cover calculator, you’ll be asked some straightforward questions:
Our minimum term is 5 years; our maximum term is 50 years. Depending on what you’re taking your life insurance out to cover will help you decide how long your term should be.
What happens next?
Our life cover calculator gives you an estimate of how much cover you may need based on the details you provide. This helps you understand the level of protection that could be right for you and your family.
If you’re happy with your result, you can continue to the next step. You’ll be taken to a more detailed form where you can provide additional information, like your health, lifestyle, and the type and duration of cover you’re looking for.
This extended life insurance calculator process allows for a more accurate assessment. Once submitted, your application will be reviewed and subject to underwriting.
It’s important to note that life insurance is not a savings or investment product and does not have a cash value unless a valid claim is made. It’s important to ensure the cover you choose is suitable for your needs. If you’re unsure, consider seeking advice from a financial adviser.
Financial Advice
Need advice?
We've chosen to partner with LifeSearch to offer you independent advice on which protection products are right for you.
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Calls may be recorded and/or monitored for training and audit purposes.
