Mortgage repayments are only a proportion of the total monthly outgoings a family will have. When you factor in utility bills, phone bills, groceries, children’s education, clothes etc, a family has a great deal of other expenses.

For a relatively small cost each month, you can put a life insurance plan in place that can provide your family with the money they’d need following your death.

You can get a good idea of how much cover you would need by considering the following 3 items:

1. Regular Income: You should consider how much of your current monthly pay is used to keep your household running. You should also consider any additional costs that might be incurred after you die e.g. childcare costs.

2. Lump Sum Amounts: You need to think about what once off payments would have to be made on your death. For example, this could include payments to cover existing loans, such as a car loan, debts, funeral expenses, or funds you would like to be made available to your dependants.

3. Existing Cover: You need to take account of any existing life cover you may have, whether this be another insurance policy or a benefit paid by your employer. This will reduce the amount of cover you need.

For more information on identifying your protection needs please read our guide. For a look at cover available see our Life Choice brochure. Alternatively you can contact a Financial Advisor.