Life insurance is for your loved ones in case you were to suddenly die and the amount would depend on what they would need to carry on with and what your budgetary constraints are. When you take a life insurance policy, you need to specify the term or the number of years that you want it for. Most people would do this depending on the circumstances in the family – small children, mortgages to be paid, etc. The amount of cover would also be dictated by these factors.
You would need cover so that if you were to die, your family would get enough each month to carry on paying the bills. So the income from the sum that they get should be sufficient for them to carry on living without being stressed too much about their finances. This is why it is advisable to take a life insurance policy at a younger age and take it for a term up to which you feel that your children can stand on their own feet.
Most people would like an insurance cover that makes sure their family can live in comfort but this would also depend on your budget and the premiums that are needed to ensure an amount like that. Remember that the younger you are, the smaller the size of the premiums.
If you complete our fast and easy form (click the big buttons above next to Mr Monkey!), one of our independent financial advisers will be able to advise you further about the amount of cover that would be ideal for your circumstances. And guess what? It's completely free.
