Debts to clear, plus the income that would have to be replaced, less what is already in place.
This is the sum an adviser would do with you. What would have to be cleared, what income would have to be replaced and for how long, and what the household already has behind it.
You rarely need to replace all of it, because some spending stops with the person. Most people land between two thirds and three quarters. Set that figure deliberately instead of taking the default.
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 is usually free to arrange and decides 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.
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. We will tell you honestly whether we can help.