How much life insurance do I need?
Work out how much cover you might need for Family Protection or Mortgage Protection. And learn more about Tesco Life Insurance.
Published: 20 August 2025
Getting the right amount of cover for you
How much life cover you need depends on your own individual circumstances. For example, whether you’ve got a mortgage and if you’ve got a partner and children to provide for.
Here, we’ll help you work out how much cover you might need - for either leaving a lump sum to your loved ones or paying off your mortgage and other debts.
If you haven’t looked at life insurance before, take a look at our beginner’s guide - What is life insurance?
You can also find out what some of the key terms mean in our life insurance glossary.
Calculate your life insurance cover
Tesco Life Insurance comes with 2 types of cover to choose: Family Protection and Mortgage Protection.
Family Protection pays out a lump sum to your loved ones, which they could use to cover living costs and other expenses if you die.
Mortgage Protection pays a lump sum which could be used to pay off a mortgage, so your loved ones can stay in the family home after you’re gone.
How much cover you might need is different for each one.
Choose the type of cover you’d like
Family Protection - how much cover do I need?
Family Protection is also called Level Term life insurance. To work out how much cover you need, you should think about:
- how you want to help support your family financiallyhow you want to help support your family financially
- how long you want to support them forhow long you want to support them for
If you’ve got a partner, think about how long they have until they retire or the kind of financial support they might need to carry on after you’ve gone.
If you’ve got children, think about when they’re likely to start working. And if they plan to go to university before that.
You could also consider other costs you might want to cover, like paying for your funeral.
To calculate your cover, first answer the following questions:
- Do you have a partner you want to help support?Do you have a partner you want to help support?
- What’s your monthly income after tax and deductions? This is known as your net monthly income, and it’s used to work out how much cover you need to help support your partner. For the example below, we also assume your partner would keep working after you die.What’s your monthly income after tax and deductions?
This is known as your net monthly income, and it’s used to work out how much cover you need to help support your partner. For the example below, we also assume your partner would keep working after you die. - Do you have children to support? The average cost to raise your first 2 children is £10,000 per child, per year, until their 19th birthday. (Figures from Child Poverty Action.)Do you have children to support?
The average cost to raise your first 2 children is £10,000 per child, per year, until their 19th birthday. (Figures from Child Poverty Action.) - Do you want to help cover university costs?Do you want to help cover university costs?
- Do you want to help pay for your funeral?Do you want to help pay for your funeral?
- Help support a partner: YesHelp support a partner: Yes
- Net monthly income: £3,500Net monthly income: £3,500
- Children to support: Yes - 1 child, aged 12Children to support: Yes - 1 child, aged 12
- Pay for university: YesPay for university: Yes
- Pay for funeral: YesPay for funeral: Yes
This example assumes the following:
- You’ll help support a partner for 5 years after you die, allowing for the equivalent of your current annual salary after tax and deductions for each of the 5 years. So, a net monthly salary of £3,500 x 12 months x 5 years = £210,000You’ll help support a partner for 5 years after you die, allowing for the equivalent of your current annual salary after tax and deductions for each of the 5 years. So, a net monthly salary of £3,500 x 12 months x 5 years = £210,000
- You’ll help support 1 child aged 12, allowing £10,000 for each year until their 19th birthday. So, £10,000 x 6 years = £60,000You’ll help support 1 child aged 12, allowing £10,000 for each year until their 19th birthday. So, £10,000 x 6 years = £60,000
- You’ll help cover university costs (including fees and accommodation), allowing £20,000 a year for 4 years at university. So, £20,000 x 4 years = £80,000. Note: the actual cost of university will depend on several things, including: how long the course is, where your child goes to university, if they stay at home or live in term-time accommodation, whether they have to pay tuition fees or not and what grants and scholarships are available.You’ll help cover university costs (including fees and accommodation), allowing £20,000 a year for 4 years at university. So, £20,000 x 4 years = £80,000. Note: the actual cost of university will depend on several things, including: how long the course is, where your child goes to university, if they stay at home or live in term-time accommodation, whether they have to pay tuition fees or not and what grants and scholarships are available.
- You’ll help pay for funeral costs, estimated at £4,000. Note: the actual cost will depend on the type of funeral you have and where in the UK you live.You’ll help pay for funeral costs, estimated at £4,000. Note: the actual cost will depend on the type of funeral you have and where in the UK you live.
So, in this example:
To help support your partner = £210,000
To help support your child = £60,000
University costs = £80,000
Funeral costs = £4,000
Cover amount = £354,000
Policy term = 6 years, in line with your financial commitments
Please note: this is only an example and doesn’t take your individual circumstances of specific needs into account. You can choose the right amount of cover to meet your needs when you apply for Tesco Life Insurance.
Mortgage Protection - how much cover do I need?
Mortgage Protection, also known as Decreasing Term life insurance, is designed with mortgages in mind. And working out how much cover you need it really straightforward.
First, you need to answer the following questions:
- What type of mortgage have you got?What type of mortgage have you got?
- How much do you owe on your mortgage?How much do you owe on your mortgage?
- How many years do you have left to pay off your mortgage?How many years do you have left to pay off your mortgage?
Note: Mortgage Protection will only help you pay off a repayment mortgage. If you’ve got an interest-only mortgage, it might not be the right life cover for you.
- Mortgage type: repayment mortgageMortgage type: repayment mortgage
- Amount owed on mortgage: £300,000Amount owed on mortgage: £300,000
- Years left to pay off mortgage: 25Years left to pay off mortgage: 25
If you choose Mortgage Protection, your cover amount and policy term should match the amount you own on your mortgage and how long you’ve got left to pay it off. That way, you’ll get enough cover to pay off your mortgage if you die during the term of the policy.
So, in this example:
- Cover amount = £300,000Cover amount = £300,000
- Policy term = 25 yearsPolicy term = 25 years
Why get Tesco Life Insurance?
Everyone has different financial needs, so Tesco Life Insurance comes with 2 types of cover to choose: Family Protection and Mortgage Protection.
At Tesco Insurance, we want to help you with the things that matter most. That’s why Tesco Life Insurance comes with a Big Win and lots of Little Helps.
- Clubcard Prices - Save 5% on Tesco Life Insurance with your Clubcard.Clubcard Prices - Save 5% on Tesco Life Insurance with your Clubcard.
- Your Big Win - Get a £100 Tesco gift card after you’ve paid 6 months’ premiums. T&Cs apply.Your Big Win - Get a £100 Tesco gift card after you’ve paid 6 months’ premiums. T&Cs apply.
- Your Little Helps - Get a full year of coupons in your Tesco grocery app to help you shop at Tesco.Your Little Helps - Get a full year of coupons in your Tesco grocery app to help you shop at Tesco.
As well as your Tesco benefits, you’ll also get Aviva DigiCare+ - a health and wellbeing service from Aviva that includes free annual health checks and the Bupa Anytime HealthLine.
Tesco Life Insurance is provided and administered by Aviva, who have a 5-star rating for life insurance and pay out on 98.8% of claims.
Important information
About Tesco Life Insurance
Tesco Life Insurance is arranged, administered and underwritten by Aviva Life & Pensions UK Limited.
Tesco Personal Finance Ltd acts as an introducer to Aviva Life & Pensions UK Limited which is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Member of the Association of British Insurers. Firm Reference Number 185896.
Aviva Life & Pensions UK Limited. Registered in England & Wales No. 3253947. Registered Office: Aviva, Wellington Row, York, YO90 1WR. Tesco Personal Finance Ltd and Aviva Life & Pensions UK Limited. are not part of the same corporate group.
About Tesco Insurance
Tesco Insurance is a trading name of Tesco Personal Finance Ltd, Registered Office: 2 South Gyle Crescent, Edinburgh, EH12 9FQ (registered in Scotland, no SC173199) which is authorised and regulated by the Financial Conduct Authority (register no. 186022).
Aviva DigiCare+ app
With the Aviva DigiCare+ app, you can start using a range of health and wellbeing services, at no extra cost, when you take out your policy.
Members of your family can use it too, as long as they're eligible.
The Aviva DigiCare+ app is provided by Square Health. The services are provided by Square Health and other selected partners.
You'll find full details about the services in the app, along with the terms and conditions, residency restrictions and privacy policy.
Aviva DigiCare+ is a non-contractual benefit that could be changed or withdrawn by Aviva at any time. So, it won't appear in any contract you've signed, or in any terms and conditions.
Life Insurance policy booklets
Please check the policy documents to make sure the cover you’ve chosen meets your needs.
The policy booklet and product information documents tell you about the benefits, limitations and exclusions that’ll apply to your cover.
The Big Win - £100 Tesco Gift Card
Terms and conditions
- You’ll get a £100 Tesco Gift Card once you’ve paid 6 months’ premiums, if you have a current Tesco Life Insurance policy.You’ll get a £100 Tesco Gift Card once you’ve paid 6 months’ premiums, if you have a current Tesco Life Insurance policy.
- Customers are entitled to one Tesco Gift Card per policy.Customers are entitled to one Tesco Gift Card per policy.
- We'll send your Tesco Gift Card to the email address you used when applying for your Tesco Life Insurance policy.We'll send your Tesco Gift Card to the email address you used when applying for your Tesco Life Insurance policy.
- Tesco Gift Cards should be treated like cash. Lost or stolen cards can’t be replaced.Tesco Gift Cards should be treated like cash. Lost or stolen cards can’t be replaced.
- You'll get an e-gift card, which can be used in any UK Tesco store. Please note, your Tesco Gift Card can’t be used in Tesco Petrol Stations.You'll get an e-gift card, which can be used in any UK Tesco store. Please note, your Tesco Gift Card can’t be used in Tesco Petrol Stations.
- Tesco’s change of mind policy does not apply to gift cards. If you change your mind, you can’t return your Tesco Gift Card for a refund. Your legal rights are not affected.Tesco’s change of mind policy does not apply to gift cards. If you change your mind, you can’t return your Tesco Gift Card for a refund. Your legal rights are not affected.
- Your Tesco Gift Card and balance will expire five years after the date you activated your card, or the date you last used your card, whichever comes later.Your Tesco Gift Card and balance will expire five years after the date you activated your card, or the date you last used your card, whichever comes later.
- Damaged, altered or cancelled cards won’t be accepted as payment.Damaged, altered or cancelled cards won’t be accepted as payment.
- Your Tesco Gift Card can’t be used to buy another Tesco Gift Card, or to buy other gift cards sold in-store or online at tescogiftcards.com. Your Tesco Gift Card can’t be used to buy another Tesco Gift Card, or to buy other gift cards sold in-store or online at tescogiftcards.com.
- We reserve the right to amend, modify or terminate this offer from time to time, at our sole discretion, and without prior notice.We reserve the right to amend, modify or terminate this offer from time to time, at our sole discretion, and without prior notice.
Little Life Helps - Tesco shopping benefits
Terms and conditions
- You’ll get money-off coupons to spend on your Tesco shopping for one year, starting from the date you get your first coupon.You’ll get money-off coupons to spend on your Tesco shopping for one year, starting from the date you get your first coupon.
- You’ll need to have the Tesco app on your mobile phone and be opted in to marketing.You’ll need to have the Tesco app on your mobile phone and be opted in to marketing.
- The coupons will appear automatically in your Tesco app.The coupons will appear automatically in your Tesco app.
- You'll get up to 5 Tesco coupons throughout the year, which could include £15 off your total shop and £5 off fruit & veg.You'll get up to 5 Tesco coupons throughout the year, which could include £15 off your total shop and £5 off fruit & veg.
- We reserve the right to amend, modify or terminate this offer from time to time, at our sole discretion, and without prior notice.We reserve the right to amend, modify or terminate this offer from time to time, at our sole discretion, and without prior notice.
Tesco Life Insurance is provided, administered and underwritten by Aviva Life & Pensions UK Limited.
Aviva have a 5-star rating for life insurance from Defaqto. And they pay out on 98.8% of life insurance claims*.
*Aviva UK individual claims report 2025, based on claims paid in 2024.
Learn more about Life Insurance
Find the right cover to give financial support to your family after you’ve gone. Tesco Life Insurance comes with Clubcard Prices, some great Tesco shopping benefits and Aviva DigiCare+.