• Not sure how much life insurance cover to get?

    Life insurance is a straightforward way to ensure some financial support will be there for your family in the event of your death. What isn’t always as straightforward is deciding how much cover you may need.

    Working out how much life cover you need

    The amount of cover you need will depend on your lifestyle and the stage of life you’re in.

    For example, if you’ve just moved into your first home with your partner, the amount of cover you need may be very different to a family with four children.

    Our short video, ‘How much life insurance do I need?’ has some simple tips on what you need to think about.

    How much life insurance do I need?

    Thinking about your own death is never easy, but life insurance can help you plan ahead. Working out what you need will depend on who you’ll leave behind - is it just your partner…Or perhaps it’s the whole family…and Wilbur.

    Firstly most people work out what’s left on their mortgage and then work out what debt needs to be paid back. But there’s lots of other things people often forget to think about. What about childcare costs, keeping the heating on, or kitting out the kids. There’s also those small but important things like making sure your children can carry on doing what they love… And still enjoy a treat or two.

    There’s no one answer that works for everybody. It’s about deciding on the right amount of cover for you and your family…and Wilbur of course. Our online life insurance calculator can help you work out how much cover you may need.

    SunLife Family life insurance - just another thing we’ve made straightfordable.

    How to calculate your life cover

    To begin calculating how much your life insurance policy should cover, first ask yourself why you need life insurance. Answering these 5 questions is a good place to start.

    1. How much is left on your mortgage? For many people, one of the main reasons to take out life insurance is to help cover their mortgage payments – often their largest monthly expense. When calculating the life cover you need, look at how much you pay each month and the amount of time left on your mortgage.
    2. Do you have debts? Even if you don’t have a mortgage, you may have other financial commitments that would need to be paid in the event of your death. This could be a combination of bank loans, overdrafts and credit cards.
    3. What are your outgoings? It’s worth considering how much of your income is used to maintain your family’s lifestyle. Using a budget planner can help you to track your expenses and work out how much would be needed to cover these costs.
    4. Who depends on you? If you children are young and so very dependent on you the amount of life cover you need may be higher than if they’re older and more independent. And, if you look after the children every day, don’t forget to allow for the cost of childcare if you were no longer around.
    5. And finally…

    6. Do you have savings or other life insurance policies? These could be used to help your family cope with ongoing expenses or help finance your children’s future? If so, this could reduce the amount of cover you need.

    Try our free life insurance calculator

    Use our free life insurance calculator to get an idea of how much cover may be needed to protect your loved ones financially and help them continue to enjoy the lifestyle they do now.

    SunLife offers a range of straightforward and affordable products including over 50s life insurance, funeral plans, life insurance, pet insurance, home insurance, car insurance, ISAs and Will writing services.