Life Insurance Needs Calculator
A neutral income-replacement needs calculator independent of any insurer, factoring in mortgage debt, dependents and the thinner state Survivors Pension record self-employed workers often have.
Malta's Social Security Act pays a Survivors Pension (broadly ~2/3 of the deceased contributor's rate pension) to a surviving spouse/civil partner, plus a smaller Orphan's Allowance per dependent child, funded by the deceased's Class 1/Class 2 contribution record. Self-occupied (Class 2) contributors — and especially part-time self-employed persons paying the 10% final flat-rate scheme, whose Class 2 record is often thinner or paid pro-rata — typically build a weaker contribution history than a full-time Class 1 employee, so the real income-replacement gap their household faces on death tends to be larger than the state Survivors Pension alone suggests.
How Much Life Insurance Do You Need in Malta?
Working out a realistic life insurance need starts with what your household would actually lose, not a generic multiple of salary. Malta's Social Security system already pays a Survivors Pension — broadly around two-thirds of the deceased contributor's rate pension — to a surviving spouse or civil partner, plus an Orphan's Allowance per dependent child, funded by the deceased's Class 1 or Class 2 contribution record. This calculator factors that existing state benefit in, along with mortgage debt and dependents, rather than treating life insurance as the household's only safety net.
What this calculator accounts for
- Outstanding mortgage debt and number of dependents
- The existing state Survivors Pension and Orphan's Allowance your household would already be entitled to
- A default 10-year income-replacement period, adjustable to your own household's needs
