Life Insurance Calculator

Likemoney’s life insurance calculator provides you with a good estimate of how much death or disability cover you will need to maintain your current lifestyle or that of your family if you were to pass away or become disabled.

Everyone knows that life insurance is important, but do you know how much cover do you actually need to secure the financial future of your family and loved ones?

Once you know how much life cover you require you can easily fill in your name and number on the form provided and a Likemoney consultant will call you back and give you an estimated monthly premium.

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When determining how much life insurance you need, affordability also comes into play. The bigger the pay out you require, the higher your premiums will be. If your premiums leave you struggling to cope financially, you will need to reduce the level of cover you take out. Now before you use the life insurance calculator, here are some factors to take into account.

Factors that will affect your life insurance policy

Age: The age of the policy holder is a big factor when it comes to life insurance, as the younger you are, the higher the chances of you paying your insurer for many years before they have to write your dependents a cheque.
Gender: Women are generally seen as living longer than men, so insurance brokers take this into account when working out an insurance premium.
Lifestyle: Your lifestyle will also affect your life insurance policy, as those with more healthy and active lifestyles tend to live longer.
Medical History: If you have a family history of strokes, heart attacks, cancer, or other ailments, this could affect your life insurance policy by leading to higher rates.

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Types Of Life Insurance:

Generally speaking there are two main types of life cover; term insurance and whole life assurance.

Term insurance is the most popular kind of cover. This cover pays out a lump sum or a monthly income if you die within a set period of time. If you don’t die, the policy simply lapses and you get nothing back.

Whole life assurance offers protection for your lifetime until your eventual death, wherever it occurs, and therefore premiums are much higher.

In case you were wondering, term insurance is so called because you are insuring against something that might happen; whole life assurance gets it’s name from the fact that you are assured a pay out at some point. You get different types of term insurance and whole life insurance depending what you are looking for.

Benefits of life insurance:

It becomes imperative to make the right choice when investing your hard earned money. Life insurance is a unique investment that helps you meet your extensive needs, saving for what life has to throw at you, protecting your assets.

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Would your family be financially sure if you died tomorrow? reduces all this determining stress with our life insurance calculator which accurately determines how much cover you will actually need.


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