What cover do I need?
When deciding how much life insurance you need and how much you can afford you need to establish some very important factors.
Firstly decide how much cover you need; this is likely to depend on whether you are the main source of income in your household. You will want to make provision for your family if the worst happens and generally you should aim to try and get a life insurance policy which pays out around two thirds of your annual income as a one-off lump sum. If instead you are a carer you should consider the cost of professional carers.
Secondly you will need to determine how long you want to take out your policy for. A lot of people take the policy out until a big date in their lives such as paying off their mortgage or when they think their children may leave home or until their retirement. If you plan your life insurance like this you should regularly reassess your circumstances to determine when ending your life insurance policy would be to you and your family's benefit.
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