What should I take into consideration when deciding upon the amount of cover I need?
There are a lot of variables to consider and some personal to you that won’t even be touched upon here, however these can help give you a quick idea of some of the basics:
- The amount spent to up keep your home.
- The amount spent on regular food and clothes shopping.
- The amount of household income contributed to from you and your spouse.
- Any credit cards debts
- The balances remaining on your mortgage
How much should I expect to pay for life insurance?
As a new parent you may find that there are some free cover options available to you but these generally only last for 12 months, don’t cover you for a high amount and have strict conditions. If you are looking for additional cover, you may need to take out another policy to top this up
It is difficult to estimate the amount your policy would cost without accounting for the variables we have begun to discuss above. The best way to get a fair deal on your life insurance policy would be to shop around and find an insurer that suits your needs.
Whilst that used to be a time consuming task, you can now compare life insurance providers right here and get a quote within just a few minutes. Just select the type and the amount of cover that you would like and provide some basic information about you and we will take care of the rest.
But don’t forget to make sure that you thoroughly read through the terms of the policy and have accounted for all of your outgoings. Life insurance is a huge part of your family’s financial security and it deserves your time and attention.