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Life Insurance Calculator

Work out how much life cover you need: enough to replace your income for the years your family would need it, pay off the mortgage and other debts, and cover education and funeral costs, less the savings and cover you already have.

€

A year: your take-home pay

years

Until your youngest is grown up

€
€

Car loans, cards, student loans

€

That your family could use

€

Death-in-service, mortgage protection, or your own policy

More options· €6,000 final costs
€

In total, to set aside

€
%

A year, above inflation

Life cover you need

€675,000

Your family would need €666,000; you already have €15,000 in savings and cover.

Income for 10 years
€400,000
Mortgage and debts
€260,000
You already have
€15,000

What this means

Term life assurance for 10 years is usually the cheapest way to get this cover: it pays out if you die during the term, and costs less the younger and healthier you are when you buy it. Choose a term that lasts until your children are grown up or your mortgage is paid off.

If no one depends on your income, you may need little or no life cover. Cover for your income if you’re too ill to work is often more important, and more likely to be needed.

Next step

How it adds up

Income for 10 years€400,000
Mortgage and other debts€260,000
Funeral and final costs€6,000
Your family would need€666,000
Less savings and investments-€15,000
Less cover you already have€0
Extra cover needed€651,000

What the cover pays for

Your family’s needs
  • Income for 10 years€400,000
  • Mortgage and debts€260,000
  • Final costs€6,000
Assumptions in this estimate
  • Each year’s income is simply set aside, with any interest on it just keeping up with inflation.
  • The amount is rounded up to a round figure, as policies are sold. It’s a starting point: a broker or adviser can look at your whole situation.
  • Most mortgages need mortgage protection insurance, which clears the mortgage if you die: count it in the cover you have.
  • A payout to anyone other than your spouse or civil partner may count as an inheritance for Capital Acquisitions Tax.
  • Death-in-service cover through work usually ends when you leave the job.
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How the calculator works

  1. Income to replace: what your family would need each year, usually your take-home pay, for the number of years you choose, such as until your youngest finishes school.
  2. Debts: your mortgage and other debts, so your family could pay them off.
  3. Other costs: children’s education and funeral costs, under More options.
  4. Less what you have: savings and investments your family could use, and cover you already have: mortgage protection, death-in-service from work or your own policy.

The result is rounded up to a round amount, as policies are sold.

Example

To replace €40,000 a year for 10 years, clear a €250,000 mortgage and €10,000 of other debts, and cover €6,000 of funeral costs, your family would need €666,000. With €15,000 of savings, that’s €651,000 of cover, so about €675,000 in total. If your mortgage protection would clear the €250,000 mortgage, enter it as cover you have: you’d need about €425,000 more.

Don’t forget

  • Widow’s, Widower’s or Surviving Civil Partner’s Contributory Pension may be paid to your spouse or civil partner, depending on PRSI contributions, which lowers what you need.
  • Death-in-service cover through work usually ends when you leave the job.
  • A stay-at-home parent needs cover too: replacing childcare and running the home costs money.

Learn more

See our insurance basics guide, the budget calculator to fit the premium in, and the net worth calculator to add up what you’d leave.

Last updated

Frequently asked questions

How much life insurance do I need?

Enough to replace your income for as long as your family would rely on it, clear your mortgage and debts, and pay for anything else you want covered, less your savings and any cover you already have, such as mortgage protection and death-in-service.

Isn’t my mortgage protection enough?

It clears the mortgage if you die, which is a big part of what your family needs, but nothing more. Term life cover on top replaces your income, so your family can keep paying the bills.

Is mortgage protection insurance compulsory?

For most mortgages on a home you live in, yes: lenders must make sure you have it. There are exceptions, for example if you’re over 50 or can’t get cover because of your health.

Are life insurance payouts taxed in Ireland?

A payout to your spouse or civil partner is free of Capital Acquisitions Tax. A payout to anyone else, such as your children, counts as an inheritance and is taxed above their tax-free threshold. A Section 72 policy can be set up to pay inheritance tax.

Do I need income protection too?

Often, yes. You’re more likely to be unable to work for a while than to die young, and Illness Benefit is a flat weekly amount. Income protection usually pays up to 75% of your salary, less any welfare payment, and the premiums get tax relief.