Life insurance provides a reassuring financial cushion for your loved ones if you’re no longer around to provide.
However, calculating exactly how much life insurance cover you need isn't always straightforward.
Everyone's circumstances are unique and therefore it requires careful consideration.
Using our life insurance calculator (below) will help you to determine not only the aspects of your life you need to protect but also how much life insurance is required.
Personal factors which will strongly influence the level of cover you secure include:
- Whether you're a parent or have dependants
- Number of children that depend on you
- Age of your children, (how long until they are financially independent)
- The size of your mortgage
- Your age, (how long until you're at retirement age)
- Your lifestyle
- Whether you have personal savings
- How much you can afford
To really work out 'how much life insurance do I need' let's look at the key factors, one by one...