Life Insurance Needs Calculator
Estimate additional life insurance from income replacement, debts, and education goals minus existing cover and liquid assets. Planning estimate only — not advice.
Enter Your Values
Using shared profile · 3,500/mo · EUR — edit on Dashboard
Results update automatically as you change values.
What-If Scenarios
Results update instantlyCost Breakdown
Gross Need Mix
Click chart to expand
Scenario Analysis
How the outcome shifts if your assumptions turn out better or worse than expected.
Optimistic assumptions
At stated inputs
Pessimistic assumptions
Compare Scenarios
Pin up to 3 and see them side by sideSet your inputs, then Pin current to save this scenario. Pin a few variations to compare their scores and outcomes here.
What Moves the Needle Most
How much each factor changes your Additional Cover Needed across its full range. Annual Income has the biggest impact.
Focus your attention on Annual Income — getting it right matters most. Factors lower down move the result less, so rough estimates there are fine.
Confidence & Assumptions
The outcome shifts meaningfully with your assumptions. Sensible, but revisit the key inputs.
Additional Cover Needed: €36,000 (worst) → €30,000 (expected) → €25,500 (best)
These are the estimates the result depends on. Adjust them (and the Advanced inputs) to match your real situation — the closer they are to reality, the more reliable your decision.
These estimates are for informational purposes only and do not constitute financial advice. Actual results may vary based on factors not captured in this calculator.
How This Calculator Works
What this calculator does
Estimate how much additional life insurance dependents may need so income, debts, and education goals are covered after existing policies and liquid assets.
How the calculation works
Gross need = income × years + debts + education fund. Subtract existing cover and liquid assets. The remainder is additional cover needed.
Formula
Net Need = max(Income × Years + Debts + Education − Existing Cover − Liquid Assets, 0)
Example
€55k × 10 years + €80k debts + €40k education − €100k existing − €25k assets → additional cover needed ≈ €545k.
How to Use This Calculator
- 1Enter your numbers
Fill in the inputs for Life Insurance Needs Calculator. Defaults are realistic starting points — replace them with your actual figures.
- 2Understand the calculation
Gross need = income × years + debts + education fund. Subtract existing cover and liquid assets. The remainder is additional cover needed.
- 3Review results and scenarios
Check metrics, cost breakdown, comparison tables, and best / expected / worst scenarios. Use sliders to stress-test assumptions.
- 4Decide with the verdict
Read the decision engine recommendation and FAQ. Example: €55k × 10 years + €80k debts + €40k education − €100k existing − €25k assets → additional cover needed ≈ €545k.
Factors to Consider
- Term length vs mortgage and kids’ independence
- Spouse earning power and employer group life
- Inflation and investment returns on a payout
- Tax treatment of benefits in your country
Common Mistakes
- Picking a round number with no needs analysis
- Forgetting employer group cover
- Ignoring debts that would remain
- Over-insuring when assets already cover needs
Frequently Asked Questions
How many years of income should I replace?+
Often until dependents are independent or the mortgage is paid — commonly 10–25 years. Match the term to that horizon.
Is this financial advice?+
No. It is a planning estimate. Review coverage with a licensed adviser for your situation.
Do liquid assets reduce the need?+
Yes — cash and investments survivors can use reduce the insurance gap.
This calculator provides estimates for informational purposes only and does not constitute financial, investment, tax, or legal advice. Always consult a qualified professional before making important financial decisions.
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