Life insurance needs calculator
Add up what your family would need if your income stopped, then subtract current cover and savings to see the gap before you ask for a quote.
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How to use it
- Enter annual income to replace, years of income to replace, debts (excluding mortgage), mortgage balance, children's education costs and final and immediate expenses.
- The result appears straight away and updates as you edit.
- Copy the result, or copy a link that keeps the same values to share it.
How it is calculated
Needs = debts + annual income × years to replace + mortgage balance + education costs + final expenses. Cover needed = needs − (existing cover + savings), not below zero.
Example
Inputs: Annual income to replace = 150,000, Years of income to replace = 10 years, Debts (excluding mortgage) = 30,000, Mortgage balance = 0, Children's education costs = 100,000. Result: Additional cover needed: 1,600,000.00; Total family needs: 1,650,000.00; Income replacement part: 1,500,000.00.
Limits and caveats
- DIME is a common rule of thumb and ignores investment return on the payout and inflation over the replacement years.
- The result is a planning estimate, not a quote; available cover and terms are set by the insurer or takaful provider.
Questions about this tool
What does DIME stand for?
Debt, Income, Mortgage and Education. You add these four up and then subtract what you already have.
How many years of income should I pick?
Choose the years until your youngest child is financially independent or your partner can cover costs alone. Many people pick 10 years or more.
Should I count cover from my employer?
Yes, enter it as existing cover, but it usually ends when you leave the job, so do not rely on it alone.