• Not sure how much life insurance cover you need?

    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 working out how much cover you may need.

    What to include in your life insurance cover

    How much life insurance do I need?

    The amount you need will depend on your lifestyle, budget and the stage of life you’re in. For example, if you have just moved into your first home with your partner, the amount of cover you need will be very different to a family with four children.

    What do I need to cover?

    In order to begin calculating how much life cover you need, first ask yourself why you need it:

    1. Do you have debts? This can be a combination of a mortgage, bank loans and credit cards.
    2. Do you have savings? Could your savings 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.
    3. What are your outgoings? Think carefully about the value both parents bring to the household and factor this in to your calculations. For example, how much of the main earner’s income supports your family’s lifestyle? If one of you looks after the children every day, what might the cost of childcare be if they were no longer around?
    4. Who depends on you? If you have children who are dependent on you the amount of cover you need may be higher than if they’re older and independent.

    Calculating how much your family and loved ones need in order to survive will help you determine how much life insurance cover you need. Use our free life insurance calculator to get an idea of how much cover you may need to financially support your family if the worst did happen.


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