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 straightforward. Everyone's circumstances are unique and therefore it requires careful consideration.
Let us run you through all the key factors to help you make an informed decision on the level of cover YOU need.
You'll then be in a good position to answer the age-old question, how much is life insurance?
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.