How much cover, and for how long?
Enter your mortgage, your children's ages, your household spending and any cover you already hold. The tool works out, year by year across the term, what a level policy and a decreasing policy of the same starting amount would each pay out if a claim came in that year. It does not give a price or a recommended amount: every figure is either your own input or a sourced fact, shown with where it came from.
Summary
Year by year across the term
| Year | Level policy pays | Decreasing policy pays | Gap (level minus decreasing) | Existing cover | Spending to end of term | Children still under the age set |
|---|
Things worth checking about how a payout would be treated
What to check next
- Check the exact mortgage balance and remaining term with your lender, rather than relying on an estimate, before acting on these figures.
- Check your own policy documents or your insurer for how your decreasing cover actually reduces: this tool assumes an even, straight-line reduction, and real policies may reduce differently depending on the interest rate assumption built into them.
- Check whether your policy sits inside or outside a trust, and speak to a regulated adviser if you are unsure what that means for how and when it would be paid, and to whom.