Debts to clear, plus the income that would have to be replaced, less what is already in place.
You may not need to replace all of it, because some spending stops with the person. Between two thirds and three quarters is a common starting point.
Income replacement is counted in today's money without adjusting for inflation or for growth on the lump sum, on the basis that over a medium term those two roughly offset.
It cannot tell you what the cover would cost, which depends on your age, health, whether you smoke and the term — or whether the policy should be written in trust, which often costs nothing to arrange and can affect how quickly the money reaches the right person.
This is information. It is not a personal recommendation. Whether any of it is right for you depends on your circumstances.
Enough to clear what you owe and replace your income for the years your dependants need it, less what is already in place.
Read the answer →Critical illness cover pays a lump sum on diagnosis. Income protection replaces part of your earnings while you cannot work.
Read the answer →Whether your pensions will cover the retirement you want, and by how much they miss.
Work it out →What your estate would pay as things stand, and which bands you can use.
Work it out →The same company profit paid into your pension, as salary or as a dividend, and what each route leaves you after tax.
Work it out →Your first call is with an Account Manager and is at no cost to you. Tell us what is on your mind: a pension you have lost track of, a fixed rate ending, a will you keep meaning to write.