Life insurance can be a great way to help protect your family financially, should the worst happen. It is designed to pay out a cash sum if you die during the length of the policy, and can be used to help pay the mortgage or help protect the family’s lifestyle and everyday living expenses.
If other people depend on you financially, then life insurance is definitely something you should consider. Anyone may have a need for life cover; for example, those with children, a mortgage to pay, or a partner, parent or relative who depend on your income.
To help you decide how much life insurance you need, you could consider the following:
- How much would your family need to maintain their current lifestyles?
- If you want to specifically protect a mortgage, think about your mortgage amount.
- If you have children, how much would they need to cover childcare costs or university fees?
Your life insurance premiums depend on your own needs and circumstances. The information that we consider when calculating your premiums include:
- your age
- if the policy is in joint or single names
- your health and lifestyle
- the amount of cover you need
- the length of the policy
- Are you Smoker or non-smoker
Please remember that life insurance is not a savings or investment product and has no cash value unless a valid claim is made.