What is life insurance?
How much cover do you need?
How long do you need to cover for?
Critical illness cover
Existing customers
How much cover do you need?
The amount of cover you need will depend on your own personal circumstance, there is no one-size-fits-all answer. The factors you may need to consider include covering;
- Mortgage or rent payments
- Any other loan or debt repayments
- Household bills
- Education and childcare expenses
- Loss of income.
How long do you need cover for?
If you are using the policy to cover a mortgage then the policy term should be the same as the remaining length of your mortgage. If you are using the policy for family protection people often choose a term that provides cover until their children reach independence. The choice is yours.
What affects the price of life insurance?
The amount of cover - your monthly premium will be higher if you need a large cover amount.
The length of cover - like with cover amount, the longer you need cover for the higher your monthly premium could be.
Your age - monthly premiums are usually lower the younger you are.
Single or joint policy - the cost of two people jointly covered will be cheaper than two separate individual polices.
If you smoke - being a non smoker will typically mean your premiums are lower than if you smoke.
