A common way to size life insurance is to add up what your family would need if you were gone: replacing your income for a number of years, clearing the mortgage and other debts, and covering future costs like childcare or education — then subtracting savings and any cover you already have. This gives a sensible starting figure to discuss with an adviser or when comparing policies.
Protect your family
Plan ahead.
Family finance book
Provide for the future.
Will writing kit
Get your affairs in order.
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Frequently asked questions
How many years of income should I replace?
Many people choose enough to cover until the children are financially independent or the mortgage is paid off — often 10 to 20 years. Adjust the figure to fit your family.
Is this the exact amount I should buy?
No — it is a guide. An adviser can factor in inflation, existing employer cover and your specific goals to fine-tune the amount.