Calculate how much life insurance you will need
When working out how much life insurance you need, it’s important to remember that any calculation will be different for everyone based on individual circumstances.
Start by adding up your annual cost of living, and decide the number of years you want (or need) your loved ones to be protected for, to help you work out how much cover you need. The size of your family, the quality of life they’re used to, your income and your partner’s income, any savings or investments, and your living situation can influence this figure.
Having enough cover in place can help you rest easy knowing you or your loved ones won’t have any financial worries if the worst happens. But be aware that all of the above can affect your premium, along with other factors such as age, gender, lifestyle, health and medical history.