Life Insurance Calculator - Married with Kids
Calculate insurance for married earners with dependents. Covers family expenses, child education, and outstanding loans.
Life Insurance Calculator - Married with Kids
Result
How it works
Formula Used
Insurance = (Family Expenses × 12 × Years) + Education Cost + Liabilities - Assets - Spouse Income Comprehensive coverage including all family needs
Smart Tips
- Include house education, marriage, emergency corpus
- Buy pure term (no investment component)
- Increase coverage as family responsibilities grow
Best Used For
Comprehensive family protection planning
FAQs
How much child education will cost in future?
Current cost ₹30-50L for engineering/MBA. At 8% education inflation, in 10 years = ₹60-100L. Include this in insurance. Many parents underestimate this and under-insure.
Should both spouses have life insurance?
Yes, if both earn. Coverage depends on earning potential lost. If one earns ₹100L and spouse ₹20L, primary breadwinner needs more insurance. But never leave homemaker uninsured—replacement cost for childcare is real.
How do I handle mortgage with life insurance?
Insurance should cover loan balance + living expenses. Many suggest increasing insurance by ₹5-10L as mortgage buffer. Or get separate mortgage protection insurance (cheaper, pays bank directly).
Does life insurance coverage decrease as I age?
Not automatically, but should. As you pay loans, corpus grows, kids become independent, coverage needs decrease. Review insurance every 5 years; reduce coverage, keep extra savings. Don't pay for unneeded coverage.
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