Life and Income Protection Cover Worksheet

Who this is for

Work out the gap before you ask for quotes. Page one weighs what the household would need if you died against the cover already there; page two does the same for a spell when you could not work, and compares quotes.

Parents, homeowners with a mortgage and anyone whose partner or family relies on their income, checking whether the cover they have is enough before buying more.

What this helps you track

• Debts to clear, income to replace and future costs, in your own figures
• Life cover, workplace benefits and savings already in place
• The life cover gap that is left to take to quotes
• Monthly essentials against the income you would have if you could not work
• Quotes compared on cover, term, waiting period and yearly cost

How to use it

1. Write your name, the date and who relies on your income; add your essential monthly costs and the savings you could use.
2. In the needs table, enter debts as a lump sum and income to replace as a yearly amount with the number of years you choose.
3. List the cover and money already in place from policy schedules, your employer's benefits details and statements, ticking each one you have checked.
4. On page two, list the income you would still have if you could not work, then record each quote as it arrives.
5. The totals, the gaps and the months your savings would last are worked out in the browser and the workbook; on paper, add and subtract.
6. Take the gap figures to an adviser or to insurers; the sheet does the arithmetic, not the choice of policy.

Formats

• Printable PDF (A4 and US Letter)
• Fillable PDF with form fields
• Fill in online, saved in your browser
• Excel / Google Sheets workbook

The printable is laid out inside a box that fits both A4 and US Letter, so the two files are identical and neither one is scaled. The fillable PDF has real form fields. The workbook uses plain formulas only — SUM, IF, COUNTIF and the like — so it opens in Excel, LibreOffice and Google Sheets without anything breaking, and every calculated cell is grey so you can see which figures it worked out.

How to print

Download the A4 or US Letter file to match the paper in your printer, open it in a PDF reader and print at 100% — not "fit to page", which shrinks the writing space. Both files leave a 14 mm margin, which clears the unprintable edge on home printers. To print the online version with your entries in it, use the Print this sheet button, which prints only the sheet and none of the page around it. More on printing.

Questions

How many years of income should I replace?

That is your decision. Many people tie it to the youngest child's age, the mortgage term or when a partner could manage alone. The sheet takes whatever number of years you enter and multiplies it out.

Does the worksheet recommend how much cover to buy?

No. It shows the gap between what you have listed as needs and what is already in place. An adviser or insurer can help you decide how much of that gap to cover and with what type of policy.

What counts as already in place?

Any money that would reach the household: life policies, mortgage protection, a death-in-service benefit from work, pension lump sums, savings and investments. Check each policy schedule rather than relying on memory.

What goes in the income table on page two?

Sick pay from work and how long it lasts, any income protection you already hold, state payments you expect, and what a partner could put towards the essentials. Use what each source confirms, not a guess.