The purpose of life insurance is to replace your income should you die. Use this calculator to work out roughly how much life insurance you might need. You should re-run this calculation each time you have a child or your life changes significantly
How much ideally would you want to leave to your dependants £ Efield-hinte entry:
What are your cumulative outstanding mortgages or loans £ Efield-hinte entry:
If you have any other debts e.g. credit cards, how much would you need to cover these £ Efield-hinte entry:
How much would you need to set aside to cover the costs of your dependant(s) education costs £ Efield-hinte entry:
How much would you need to cover funeral expenses £ Efield-hinte entry:
Enter an amount for any other miscellaneous expenses £ Efield-hinte entry:
How much existing life insurance cover and savings do you have £ Efield-hinte entry:
If the policy covers two people it pays out once. For life cover it pays out when the first person dies or has a valid terminal illness claims. For critical illness cover and life and critical illness cover the policy pays out when the first of these people dies or has a valid terminal or critical illness during the period of cover.
Level Term assurance is called this due to the fact that the payout from the insurance company never varies, you set the term and the amount when the plan is taken out and should you ever claim on the policy during the selected term it will pay out the set amount
Decreasing Term Assurance is normally purchased to pay off your mortgage (repayment only) in case you die. Decreasing Term Assurance usually pays out the same amount as is owed on your mortgage at the time of the claim. This is usually the cheapest form of insurance cover
To be eligible for non-smoker rates you must not have used any form of tobacco or nicotine products within the last 12 months.
Life Insurance - This is a policy that provides protection for a specific period of time (eg. 20 years). If you’re alive when the term ends, there is no payout. Usually the least expensive type of life insurance.
Life Insurance with CIC - This is a policy that provides protection for a specific period to time (eg. 20 years). If you’re alive when the term ends, there is no payout. This is usually paid on death or medical diagnosis of a critical illness whichever happens first. The premiums can be guaranteed for the full term of the plan.
Mortgage Life Insurance - This type of cover is use to protect the mortgage borrower/s. Generally, if the borrower dies or is permanently disabled the outstanding mortgage owed to the mortgage company is paid out in full.
Private Medical Insurance - Private Medical Insurance will provide additional peace of mind in the event you need to see a specialist, have a medical test/ exam and opens out options to you at a monthly cost. You can decide to have private care swiftly to treat any medical illness or condition.
Family Income Benefit
Payment Protection - Payment Protection Insurance can help to protect your mortgage payments for up to 12 months or 24 months if you cannot work due to unemployment or suffer a disability. You can also cover the cost of any life or buildings and contents insurance linked to your home.
Buildings and Contents - this is an type of insurance that you pay monthly or annually which provides protection against financial loss in the event of damage or destruction to your building or contents