Insurance & protection · Calculator companion · By K Imports
Family life-cover needs: practical guide
This guide explains how to use the Count.ie family life-cover needs. Add dependant support, debt and one-off costs, then subtract available resources. Follow the inputs, method and worked example below, then compare your own scenario.
Guide written .
Open the Family life-cover needs calculatorWhat to prepare
- Use policy wording, insured values, financial records and the proposed coverage period.
- Distinguish replacement value, market value, debt and an income-protection need.
- Check exclusions, waiting periods and limits separately from the calculator.
Understand the inputs
The calculation method
Undiscounted support gap × years + debts + one-off costs − available assets − existing cover.
Worked example
Illustrative inputs and their result.
Example inputs
- Annual dependant support gap (€)
- 24000
- Years support needed
- 15
- Debts to clear (€)
- 180000
- One-off costs (€)
- 20000
- Assets available to dependants (€)
- 50000
- Existing applicable life cover (€)
- 200000
Calculated example result
- Additional Life Cover
- €310,000.00
- Total Funding Need
- €560,000.00
How to interpret the result
An estimated cover need or relief does not mean a policy will pay a claim or that an expense is eligible. Coverage, underwriting and statutory conditions must be checked independently.
Compare equivalent coverage and exclusions, not just premiums. Test how a changed valuation, interruption period or household need affects the estimate.
Common mistakes to avoid
- Do not assume a property purchase price equals its rebuild cost.
- Avoid counting the same liability or replacement need twice.
- Check whether the proposed cover period and benefit match the actual exposure.
Assumptions and sources
Editable inputs are planning assumptions; check the method and result notes for scope.
If your case falls outside this scope, use a more suitable calculator or contact us about an unclear method.