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Life Cover

Life CoverIt can be difficult to know how much life cover you need. If it’s given as a multiple of salary, it just becomes a big number that doesn’t mean very much.

What you want to know is how much will your family get on a monthly basis if you were to die prematurely.

We follow a very simple process in calculating your life cover needs:

  1. After debt repayments, how much do you live on now?
  2. What debts will be paid off on death?
  3. What short term debts and funeral expenses need to be paid for?
  4. What level monthly income is required going into the future.
  5. Deduct any sources of income you will receive after death e.g. Widow’s pension, death in service benefit, rental income if investment property mortgage is cleared.

If there are any shortfalls in your income needs, life cover can be used to bridge this gap.

We calculate life cover needs as a monthly income so it is an amount that is identifiable and easy to understand.

You should also read some of our recent articles: Do you want them to be rich or just replace lost income?, The different kinds of life cover explained, how much insurance do I need? , Reducing an Inheritance Tax liability