How much life insurance do I need?

Summary: The amount of cover you need should be based on your unique circumstances and your reasons for getting it. 

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The amount of cover you need should be based on your unique circumstances and your reasons for getting it.  Some people protect their home, others may want to leave a sum of money for their children. Everyone is different, that’s why at Beagle Street you can tailor your policy to the needs of you and your loved ones.

It’s important to think about the costs your loved ones could be left with and the lump sum payout they’d need to provide them with financial security if you were no longer around.

Costs you might need covered include:

A mortgage or rent payments
Bills or debts
Funeral costs
Day-to-day living costs

For example, if you have just bought your first home for the price of £170,000 you may want to take out a decreasing policy for 20 years, to protect your home and cover you for the length of your mortgage if the worst was to happen.

Looking ahead, you might also want to plan for future life milestones like:

Having children
University fees for young children
Future weddings
Care costs for older relatives
A financial safety net for loved ones

The type of life insurance policy you take out will also influence the amount of cover you need. Find out more about the different types of life insurance policies.

Got a spare 3 minutes? Click here to get a quick quote to see how much cover would cost for you.