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Life Assurance Needs Calculator

Taking care of your loved ones is an important part of completing your financial picture. Make sure the amounts you enter are accurate and you'll get a good idea of how much coverage you may need to ensure that your family has adequate protection if something should happen to you. If you have any questions about this calculator, your financial adviser can help.

Immediate Cash Needs 
Final Expenses Estimate the amount needed to cover final expenses in the event of your death (i.e., funeral, medical, probate fees, etc.) The average funeral costs between £5,000 and £10,000 (Source: Age Concern)£
Mortgage If you plan to pay off your mortgage in the event of your death, enter the amount of your current mortgage. £
Other Debts Estimate the amount needed to pay off your debts (i.e., car loans, credit card bills, etc.).£
Emergency Fund Estimate the amount you would like to save for your dependents' unforeseen financial emergencies (i.e., work leave of absence, long-term medical expenses, home and car repairs, etc.)£
Education Fund Estimate the cost of sending your children to university, assuming they will be attending for four years starting tomorrow. The current average yearly cost from 2006 to attend university (incl: tuition, fees, and room and board) is around £8,000 (Source: BBC News Website and Edward Jones 2005)£
Future Income Needs  
Survivor's Annual Income Shortfall Estimate how much of your current income your dependents will need to maintain their current standard of living. £
Years Needed Estimate the number of years your dependents will rely on this income. Consider the ages of your dependents and the length of time your surviving spouse will need the income.  years
Assumptions 
Rate of Return Estimate the rate of return you expect your dependents to receive on your investments after your death. The average may be between 5.5 percent and 10 percent.  %
Future Annual Inflation Rate Expected annual increase in inflation. Choose between 0.0 percent and 4.5 percent.  %
Available Funds  
Savings & Investments Enter the current market value of your savings and investments your dependents may liquidate to provide immediate cash flow in the event of your death (i.e., shares, bonds, saving accounts, etc.).£
Retirement Savings If your dependents will need to liquidate your retirement savings to provide additional income, enter the current market value of your retirement savings (i.e., 401(k), IRA, annuities, etc.).£
Other Assets Enter the amount of other assets that may be liquidated to provide an income for your dependents in the event of your death (i.e., inheritances, commodities, rental property, etc.).£
Current Life Assurance Enter the total death benefit of your current life insurance.£
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These calculations are hypothetical based on criteria selected by you. All estimated rates of return and inflation are annualised. Investments returns and inflation rates are not guaranteed and if adjusted will produce a different indicative recommendation.
 

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