Life insurance calculator: how much cover does my family need?
Answer five quick questions to estimate the life cover your family would need if your income stopped. It takes about two minutes, and nothing you type is saved.
How much life cover does my family need?
Your family would need about
RM1,000,000
- Income RM600,000
- Debts RM300,000
- Education RM100,000
Illustrative estimate based only on the figures you enter. It isn't financial advice or a quote, and nothing you type is saved.
How this calculator works
It adds up what your family would need, then subtracts what's already in place:
- Income replacement: your monthly income × 12 × the years your family would need it.
- Debts: your home loan, car loan and other debts, so your family isn't left repaying them.
- Education: a fund for your children's studies.
- Minus what you have: existing life cover, EPF and savings your family could use.
It's the same debts + income + education method explained in our guide on how much life insurance you really need.
A worked example
Someone earning RM5,000 a month wants to support their family for 10 years (RM600,000), clear a RM300,000 home loan and set aside RM100,000 for education. That's RM1,000,000 in total. With RM150,000 of existing cover and savings, the estimated gap is RM850,000. (Figures illustrative.)
What it doesn't include
- Inflation and investment returns, which move the real figure up or down over time.
- Medical and critical illness costs, which are better handled by a medical card and critical illness cover than by life cover alone.
- How the payout reaches your family. If a single lump sum worries you, see legacy planning and DBSO.
Frequently asked questions
How much life insurance do I need in Malaysia?
A common starting point is enough to replace several years of income, clear your debts and fund your children's education, minus the cover and savings you already have. This calculator works that out from your own figures.
Should I include EPF in my existing cover?
Yes, if your family could use it. EPF savings are paid to your nominees, so they reduce the gap. Just remember EPF is also meant for your own retirement.
Is 10 times my annual income enough?
Rules of thumb like 10 times your annual income are a quick check, but they ignore your debts, your children and the cover you already have. Working it out from your real numbers is more reliable.
Does the result tell me which plan to buy?
No. It's an illustrative estimate of how much cover you may need, not a recommendation or a quote. A free review with our agents turns it into a plan that fits your budget.
Keep going
Want a second pair of eyes on your number?
Our two dedicated agents will check it against your full situation, free and with no obligation.
💬 WhatsApp us