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How Much Life Insurance Cover do I Need?
This is a question that we hear a lot and the answer will depend on your circumstance.
If you are just looking to cover your mortgage then this is simple. All you will have to do is cover yourself for enough to pay off the full debt.
When you are looking to protect your family the answer is not quite so straight forward. The level of cover will depend on the number of dependants you need to protect. In February 2011 research has shown that the average cost of raising a child from 0 – 21 is now around £210,000. This may include university fees which some people do not see as a necessity for their child so the sum you leave behind will depend on how comfortable a life you want them to have when you’re gone?
If you are purely looking to cover your missed income in the event of your death, there is a type of policy called Family Income Benefit, which will pay out a salary on a monthly or annual basis to cover the level of income you would usually bring into the house.
With so many options available on the market today, it can be difficult decide what is best for your needs. Speak to one of our experts who will explain the options in plain English and help you make the right choice.
Choosing the Right Policy
With so many options available on the market today it’s hard to make a decision on what will be best for your needs. Speak to one of our experts who will explain the options in plain English, and help you make the right choice.