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How much cover do I need?

With everyone’s circumstances being different, only you know how much life insurance you’ll need. If you’re not sure about how much cover to take you should speak with an independent financial adviser.

As a guide, here are five examples of people looking for life insurance to protect the ones they love.

A couple with an interest only mortgage

Mike and Jen want to know they’ll each be financially secure if the other dies, and neither of them will be left with a mortgage to worry about.

 What they could choose:

A couple who have just had their first child

Joe and Jack want life cover to help take care of their monthly bills, childcare and education costs if the worst should happen to either of them. They don’t have a mortgage.

 What they could choose:

A couple who have just bought their first house

Phil and Belinda want to cover their 25-year repayment mortgage if one of them dies before it’s due to be paid off.

 What they could choose:

A couple with three children

The Andersons have three children, aged 13, 10 and 9. The parents, John and Ellie, work full time and already have life cover for their mortgage. After a recent scare, they now want to make sure their family would be able to manage additional living and childcare costs if either of them were to die.

 What they could choose:

A single parent who has just changed jobs

Tom has left a job that came with a death-in service life insurance policy that would have cared for his child if he died. His new job doesn’t offer life insurance, so he wants cover to provide for his child if he dies. He hopes his child will have a job and be self-sufficient in eight years’ time when she’ll be 22 years old.

 What they could choose:

But isn't life insurance expensive?

Comprehensive life insurance can feel like an unaffordable extra, especially if your budget is already stretched.

But even if you can’t afford a policy that exactly meets your needs, it’s still worth taking out some cover. And it’s possible to get some insurance for under £10 a month.

A smaller pay-out might not provide for your loved ones forever, but it would help ease a difficult time. For example, if your partner needed extra time off work, a life insurance payment could be a big help to them.

All in all, some life insurance is better than none.

Life Insurance

It only takes five minutes to find the right cover for you and your loved ones.

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