How Much Life Insurance?
The cost of life insurance depends on two factors:
1. How much cover you want.
2. How long you want it for.
Then your age, sex, occupation, health and smoking habits are taken into account.
The other issue affecting premiums is your medical history and current state of health. If you have any concerns, please do call us so we can advise on the most appropriate insurer for your circumstances.
How much life cover do I need?
If you're the breadwinner, you will want to keep your family in something like the style to which they have become accustomed. If you're a carer, then you want to provide cash for professionals to take over because you're not around.
Generally speaking, the figure should be enough to produce around two thirds of your earnings or £20,000
for professional care each year.
How long for?
Until your dependants are old enough to look after themselves. 20 years is about right for most people, or until your savings can adequately provide for you and your partner - possibly by the time you're 60 years old.
Mortgages
How much mortgage cover do I need and for how long?
You need to cover the amount of the outstanding debt, up until the debt is paid off.
What type of cover do I need?
Is your mortgage a repayment one? If so, you need a Decreasing Term Assurance policy. Or is it an interest-only mortgage, in which case you need a level term policy.