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  • How much life insurance do I need?

    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

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

Here's the information that you need to know about who we are and the other companies that we work with in order to provide our products and services.

Who are SunLife?

AXA Wealth Ltd trades as SunLife and is the provider of the Guaranteed Over 50 Plan, SunLife Insurance and the life insurance policy payment option for Funeral Plans. AXA Wealth Ltd is a company limited by shares and the registered office is at 1 Wythall Green Way, Wythall, Birmingham B47 6WG (registered in England, No. 01225468). AXA Wealth Ltd is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. AXA Wealth Ltd is entered on the Financial Services Register (registration no. 119201).

SunLife Limited distributes financial products and services and is a company limited by shares, registered office: 1 Wythall Green Way, Wythall, Birmingham, B47 6WG (registered in England, no. 05460862). SunLife Limited is authorised and regulated by the Financial Conduct Authority and is entered on the Financial Services Register (registration no. 769427). 

‘SunLife’ (comprising of the companies AXA Wealth Services Limited, AXA Wealth Limited and AXA Sun Life Direct Limited) has been acquired by Pearl Life Holdings Limited (and now forms part of the Phoenix Group – www.thephoenixgroup.com). ‘AXA’ is a trademark that is owned by AXA SA and will be used for a short period under a licence granted by AXA SA to the Phoenix Group.

Pearl Life Holdings Limited is registered in England (4560778) at 1 Wythall Green Way, Wythall, Birmingham B47 6WG. As part of the Phoenix Group, AXA Wealth Limited will continue to be authorised by the Prudential Regulation Authority and regulated by Prudential Regulation Authority and Financial Conduct Authority. AXA Wealth Services Limited will continue to be regulated by the Financial Conduct Authority.

You can contact us by post at SunLife, PO Box 7054, Willenhall, WV1 9ZH or by phone on 0800 008 6060. As part of our commitment to quality service and security, calls may be recorded.

If you choose to add Funeral Benefit Option to your Guaranteed Over 50 Plan the funeral services are arranged and provided by Dignity Funerals Limited. Dignity Funerals Limited is a company registered in England and Wales No. 00041598. VAT registered No. 486 6081 14. 4 King Edwards Court, King Edwards Square, Sutton Coldfield, West Midlands, B73 6AP. Telephone No. 0121 354 1557. Fax No. 0121 355 808. Part of Dignity plc. A British Company. Dignity are not regulated by the Financial Conduct Authority or the Prudential Regulation Authority but are registered providers with the Funeral Planning Authority.

Who provides the Funeral Plans?

The funeral services are arranged by a funeral director selected by Golden Charter Ltd. Golden Charter Ltd are not required to be authorised or regulated by the Financial Conduct Authority or the Prudential Regulation Authority in relation to funeral plans but are registered providers with the Funeral Planning Authority.

If you choose to pay for your funeral in one go, with a single payment, you will have a contract with Golden Charter. The funeral services will be arranged by a funeral director selected by Golden Charter Ltd.

If you choose to pay for your funeral with a life insurance policy, the policy will be provided by AXA Wealth Ltd, trading as SunLife. The funeral services will be arranged by a funeral director selected by Golden Charter Ltd.

Who provides My Smarter (ISA)?

My Smarter (ISA) is provided by Scottish Friendly Asset Managers Limited. Authorised and regulated by the Financial Conduct Authority. Details can be found on the Financial Services register, registration No. 188832. Member of The Investment Association. Registered Office: Scottish Friendly House, 16 Blythswood Square, Glasgow G2 4HJ.

Who provides the Will writing services?

Hugh James is authorised and regulated by the Solicitors Regulation Authority (SRA Number:303202).

The information contained on this website is based on Hugh James' understanding of the law of intestacy in England and Wales only as at April 2014. The law in Scotland and Northern Ireland is significantly different. This is for information purposes and is not intended to be legal advice.

Who provides Family Life Insurance?

SunLife Family Life Insurance is provided by Scottish Friendly Assurance Society Limited which is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Details can be found on the Financial Services register (registration number 110002). Registered Office: Scottish Friendly House, 16 Blythswood Square, Glasgow G2 4HJ. 

Who provides SunLife Pet Insurance

SunLife Pet Insurance is arranged and administered by BDML Connect Limited. BDML Connect Limited is authorised and regulated by the Financial Conduct Authority (No. 309140). Registered in England and Wales Number 02785540. Registered Office: 45 Westerham Road, Bessels Green, Sevenoaks, Kent, TN13 2QB.

Who provides SunLife Home Insurance

SunLife Home Insurance is arranged and administered by BISL Limited and underwritten by a panel of insurers. BISL Limited are an intermediary authorised and regulated by the Financial Conduct Authority. Registered in England no. 03231094. Registered office Pegasus House, Bakewell Road, Orton Southgate, Peterborough PE2 6YS.

Who provides SunLife Car Insurance

SunLife Car Insurance is arranged and administered by BISL Limited and underwritten by a panel of insurers. BISL Limited are an intermediary authorised and regulated by the Financial Conduct Authority. Registered in England no. 03231094. Registered office Pegasus House, Bakewell Road, Orton Southgate, Peterborough PE2 6YS.