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How much life insurance will you require?

As each and everyone has their own unique circumstances, there is no one size fits all approach. However, there are a few ways by which you can arrive at the sum insured that would be suitable to you for Life cover.

It is a good idea to consider:

• Outstanding debts (Credit card, Mortgages, Loan).
  How much debt you have left that would fall on your family?
• Finances to fall back on.
  Do you already have any savings, assets, or existing insurance that can help cover your family's living expenses if you weren't around?
• Your family’s daily expenses.
  This can include food, rental, and education costs.
• How long do you want to be covered for?
  This ties in with the amount of finances you have to fall back on, the size of your family, and their ability to generate income without you.

What expenses can life insurance cover?

• Replacing an income for your partner or your family that would be lost if you were to die
• Cover mortgage or rent payments
• Cover your child's education
• Cover other personal debt i.e. car loan
• Childcare if your spouse had to return to work
• Funeral costs and financial planning
• Taxes
• Everyday living expenses

Factors that determine the cost of premium:

• Age
• Smoking status
• Gender
• Pre-existing medical conditions
• Occupation