Life Insurance Calculator Singapore (2026): Household Coverage Gap

Estimate the additional death cover needed for a specified household plan. Start with the surviving household’s costs and available income. All defaults are illustrative. Change inflation and investment returns explicitly to see how the result moves.

Calculator

Surviving household expenses (S$/year)

Include continuing living and dependant costs. Exclude mortgage instalments if paying off that mortgage below.

Additional replacement care (S$/year)

Only care costs not already in household expenses.

Survivor contribution available (S$/year)

Reliable income available for the above expenses, after tax, CPF and any costs excluded above.

Support period (years)

Whole years; choose the actual dependency period.

Annual inflation of the shortfall (%)

Applied to both expenses and the survivor contribution.

Annual net return on remaining payout (%)

After investment fees and tax; an assumption, not guaranteed.

Uncovered mortgage to repay (S$)

After HPS or other mortgage-specific cover. Do not count that cover again below.

Other debts to repay (S$)

Final and estate expenses (S$)

Your planning estimate, not a typical fee quotation.

Other goals: amount set aside now (S$)

For costs not already in the annual budget.

Usable savings and investments (S$)

Only assets allocated to this plan; exclude reserves or goals counted elsewhere.

CPF expected for these dependants (S$)

Use their expected share and allow for distribution timing and fees where applicable.

Existing general death benefits (S$)

Exclude mortgage-specific cover already deducted above. Check policy term and employer-cover continuity.

Results

First-year household shortfall

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Present value of future shortfalls

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Future shortfalls + immediate obligations

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Usable assets + existing benefits

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Additional death-cover gap

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Worked example matching the defaults

Annual shortfall: S$60,000 expenses + S$6,000 additional care − S$30,000 survivor contribution = S$36,000. At zero inflation and return, 15 years needs S$540,000. Add S$200,000 uncovered mortgage, S$10,000 debt and S$20,000 final expenses for S$770,000 obligations. Subtract S$100,000 usable savings, S$50,000 expected CPF and S$200,000 cover: S$420,000 additional gap.

Method and timing

The annual shortfall is max(0, expenses + extra care − survivor contribution). The tool funds each annual shortfall at the start of the year. For years t = 0 through support years − 1, it adds shortfall × [(1 + inflation) ÷ (1 + net return)]^t. Immediate obligations are then added and usable assets and existing benefits subtracted. The final gap cannot fall below zero.

The same inflation assumption grows both expenses and the survivor contribution; if that income will not keep pace, test a lower contribution. The model assumes level dependency over the chosen period, not a separate end date for each child or parent. A zero-year scenario still includes immediate obligations. The zero-inflation, zero-return result is not automatically conservative: costs may rise faster than returns.

Avoid the largest input errors

Use household expenses, not the insured person’s salary minus the spouse’s salary. Remove mortgage instalments if you plan a lump-sum payoff, and enter only the uncovered mortgage after checking the insured person’s HPS share. HPS benefits settle eligible insured debt rather than providing general spending money. CPF Board: HPS benefits and insured share.

CPF can reach beneficiaries without a nomination, but distribution rules, shares, fees and timing differ. Count only resources intended for this household. This calculator assumes the entered assets and benefits are available for the plan; keep separate immediate liquidity if an estate or claim takes time. CPF Board: nomination and distribution without a nomination.

Use the gap to compare scenarios

Test lower survivor income, additional care, a longer dependency period and inflation above returns. A zero gap means the entered resources cover the modelled obligations. It does not establish that disability, critical illness, medical bills or every policy exclusion is covered.

Compare protection amounts and terms only after choosing the support period and checking existing contracts. No premium estimate or particular policy is recommended by the output. Read the life-cover sizing framework for the decision process and MoneySense’s benchmark. MoneySense: term insurance.

FAQ

Does the calculator account for inflation?

Yes. It explicitly grows the annual household shortfall at the entered inflation rate and discounts it at the assumed net return.

Should I enter my salary as household expenses?

No. Enter the costs the surviving household would need to fund, then subtract income actually available for those same costs.

Does zero gap mean I need no insurance?

It means the entered resources cover this death-benefit scenario. Other risks, liquidity, policy conditions and future changes still require consideration.

Related guides and calculators

References

Rules and sources checked 14 September 2026. Worked budgets are illustrations unless explicitly identified otherwise.

Last updated: 14 Sep 2026 · Editorial Policy · Advertising Disclosure · Corrections