Life insurance needs worksheet
Add household obligations and subtract resources to explore a simple protection gap.
Your scenario
Method and exclusions
Sum outstanding debts, annual household support × years, education provision and final costs. Subtract assets designated for support and existing cover. Floor the remaining gap at zero. This undiscounted worksheet does not adjust for inflation, taxes, investment returns, survivor benefits or policy terms, and does not provide an insurance quotation or recommendation.
Supporting guidance: MoneyHelper choosing insurance support (new tab). Guidance checked 28 October 2026; the arithmetic model remains our stated approximation.
How to use the result
Run a baseline, then change one assumption at a time. Compare the total cost or balance as well as the monthly amount. Keep excluded taxes, fees and product features on a separate checklist. Confirm decisions against actual provider documents.