How Much Life Insurance is enough?
Life Insurance can be a confusing topic for some. Because of this people tend to put it on the back burner. This may be because you think its more expensive than it actually is or it may be because you don't think you need it. The truth is we all need life insurance.
Whether it be for funeral costs, to cover a loan, to ensure your dependents are looked after if we die, everybody has a need for it. When trying to calculate how much you need there are a few factors to look at:
1. Your expenses: if you can figure out how much your outgoings are monthly and multiply this by the amount of years you need the cover for, it is a good start.
2. Your age: a big factor is how long you have left to retirement. Some choose to take out the cover until their dependents are in their mid 20s so no longer dependent on them.
3. Any existing cover: You may have death in service benefit or other life insurance with work so it is important to look into this.
It is important to shop around for your cover and the best way to do this is to use a broker. 1 Stop Brokers can help you calculate how much life cover you should have and then work with you to find cover within your budget. Contact us today on 021 4858400