{
  "$schema": "https://json-schema.org/draft/2020-12/schema",
  "$id": "https://askcalculators.com/uk/life-insurance/schema.json",
  "title": "Life Insurance Needs Calculator — United Kingdom inputs",
  "description": "Estimate a survivor-support funding gap from explicit obligations, assets and an annual support horizon. GBP planning view; stated limitations apply.",
  "type": "object",
  "properties": {
    "annualSupport": {
      "title": "Annual survivor support required",
      "type": "number",
      "description": "Illustrative starting value; replace with your own evidence.",
      "default": 40000,
      "minimum": 0,
      "maximum": 1000000000000,
      "x-step": 0.01,
      "x-prefix": "GBP",
      "x-unit": "currency"
    },
    "supportYears": {
      "title": "Support period, years",
      "type": "number",
      "description": "Illustrative starting value; replace with your own evidence.",
      "default": 20,
      "minimum": 0,
      "maximum": 80,
      "x-step": 1,
      "multipleOf": 1
    },
    "investmentReturn": {
      "title": "Assumed nominal return after investment costs",
      "type": "number",
      "description": "Illustrative starting value; replace with your own evidence.",
      "default": 4,
      "minimum": 0,
      "maximum": 30,
      "x-step": 0.1,
      "x-unit": "percent"
    },
    "inflation": {
      "title": "Annual support inflation",
      "type": "number",
      "description": "Illustrative starting value; replace with your own evidence.",
      "default": 2,
      "minimum": 0,
      "maximum": 30,
      "x-step": 0.1,
      "x-unit": "percent"
    },
    "debts": {
      "title": "Debts to repay",
      "type": "number",
      "description": "Illustrative starting value; replace with your own evidence.",
      "default": 200000,
      "minimum": 0,
      "maximum": 1000000000000,
      "x-step": 0.01,
      "x-prefix": "GBP",
      "x-unit": "currency"
    },
    "education": {
      "title": "Education and other one-off needs",
      "type": "number",
      "description": "Illustrative starting value; replace with your own evidence.",
      "default": 30000,
      "minimum": 0,
      "maximum": 1000000000000,
      "x-step": 0.01,
      "x-prefix": "GBP",
      "x-unit": "currency"
    },
    "finalCosts": {
      "title": "Final-expense allowance",
      "type": "number",
      "description": "Illustrative starting value; replace with your own evidence.",
      "default": 15000,
      "minimum": 0,
      "maximum": 1000000000000,
      "x-step": 0.01,
      "x-prefix": "GBP",
      "x-unit": "currency"
    },
    "availableAssets": {
      "title": "Assets actually available to survivors",
      "type": "number",
      "description": "Illustrative starting value; replace with your own evidence.",
      "default": 100000,
      "minimum": 0,
      "maximum": 1000000000000,
      "x-step": 0.01,
      "x-prefix": "GBP",
      "x-unit": "currency"
    },
    "existingCover": {
      "title": "Existing suitable life cover",
      "type": "number",
      "description": "Illustrative starting value; replace with your own evidence.",
      "default": 100000,
      "minimum": 0,
      "maximum": 1000000000000,
      "x-step": 0.01,
      "x-prefix": "GBP",
      "x-unit": "currency"
    },
    "annualPremium": {
      "title": "Actual quoted annual premium",
      "type": "number",
      "description": "Illustrative starting value; replace with your own evidence.",
      "default": 0,
      "minimum": 0,
      "maximum": 1000000000000,
      "x-step": 0.01,
      "x-prefix": "GBP",
      "x-unit": "currency"
    },
    "annualFees": {
      "title": "Annual policy/administration fees",
      "type": "number",
      "description": "Illustrative starting value; replace with your own evidence.",
      "default": 0,
      "minimum": 0,
      "maximum": 1000000000000,
      "x-step": 0.01,
      "x-prefix": "GBP",
      "x-unit": "currency"
    },
    "monthlyFee": {
      "title": "Additional installment fee per month",
      "type": "number",
      "description": "Illustrative starting value; replace with your own evidence.",
      "default": 0,
      "minimum": 0,
      "maximum": 1000000000000,
      "x-step": 0.01,
      "x-prefix": "GBP",
      "x-unit": "currency"
    },
    "spreadPercent": {
      "title": "Quote sensitivity range",
      "type": "number",
      "description": "Illustrative starting value; replace with your own evidence.",
      "default": 15,
      "minimum": 0,
      "maximum": 100,
      "x-step": 0.1,
      "x-unit": "percent"
    }
  },
  "required": [
    "annualSupport",
    "supportYears",
    "investmentReturn",
    "inflation",
    "debts",
    "education",
    "finalCosts",
    "availableAssets",
    "existingCover",
    "annualPremium",
    "annualFees",
    "monthlyFee",
    "spreadPercent"
  ],
  "additionalProperties": false,
  "x-askcalculators": {
    "version": "20.16.0",
    "calculatorUrl": "https://askcalculators.com/uk/life-insurance/",
    "queryExample": "https://askcalculators.com/uk/life-insurance/?annualSupport=40000&supportYears=20&investmentReturn=4&inflation=2&debts=200000&education=30000&finalCosts=15000&availableAssets=100000&existingCover=100000&annualPremium=0&annualFees=0&monthlyFee=0&spreadPercent=15",
    "migrationStatus": "new",
    "reviewStatus": "pending",
    "pageStatus": "live",
    "workStatus": "pending",
    "formula": {
      "expression": "support capital = present value of inflation-adjusted annual support; gap = maximum(0, support capital + one-off needs − available assets − existing cover).",
      "note": "Inputs are converted to canonical units before evaluating this stated formula."
    },
    "quality": {
      "availability": "live",
      "technicalReviewRecord": "/reviews/v20-uk-life-insurance.json",
      "qualifiedReview": "pending",
      "qualifiedReviewer": null,
      "qualifiedReviewDate": null,
      "formulaVersion": "20.16.0",
      "referenceCoverage": "references-listed",
      "releaseTestScope": "Catalog and regression checks are not a professional formula audit; consult release evidence.",
      "historicalMetadataDate": "",
      "historicalMetadataNotice": "The imported date is not evidence of a completed human review."
    },
    "outputs": {
      "supportCapital": {
        "title": "Present value of annual support",
        "type": "number",
        "x-format": "currency",
        "x-currency": "GBP",
        "x-digits": 2
      },
      "grossNeed": {
        "title": "Total modeled survivor needs",
        "type": "number",
        "x-format": "currency",
        "x-currency": "GBP",
        "x-digits": 2
      },
      "coverageGap": {
        "title": "Additional coverage gap",
        "type": "number",
        "x-format": "currency",
        "x-currency": "GBP",
        "x-digits": 2,
        "x-primary": true
      },
      "annualPremium": {
        "title": "Entered annual premium",
        "type": "number",
        "x-format": "currency",
        "x-currency": "GBP",
        "x-digits": 2
      },
      "annualCost": {
        "title": "Annual premium and payment fees",
        "type": "number",
        "x-format": "currency",
        "x-currency": "GBP",
        "x-digits": 2
      },
      "monthlyEquivalent": {
        "title": "Monthly equivalent cost",
        "type": "number",
        "x-format": "currency",
        "x-currency": "GBP",
        "x-digits": 2
      },
      "low": {
        "title": "Low quote scenario",
        "type": "number",
        "x-format": "currency",
        "x-currency": "GBP",
        "x-digits": 2
      },
      "high": {
        "title": "High quote scenario",
        "type": "number",
        "x-format": "currency",
        "x-currency": "GBP",
        "x-digits": 2
      }
    }
  }
}