About the Term Insurance Calculator
Term insurance pays your family a lump sum if you die during the policy. This calculator gives a rough idea of the cover you need, based on the income your family would lose and your debts.
Enter your income, age, loans, savings and existing cover.
Formula used
Cover = present value of the income your family needs until your retirement + loans − savings − existing cover.
Frequently asked questions
What is a rule of thumb for cover?
Many planners suggest 10 to 15 times yearly income, adjusted for loans and goals.
What term should I choose?
Until you retire, or until your children are independent and loans are repaid.
Is this a recommendation to buy?
No. It is a rough estimate. Compare policies and consult a qualified advisor.