What’s the ‘right amount’ of life insurance cover?
It’s different for everyone. To figure out the ‘right amount’ of life cover for you, you’ll want to factor in your outstanding debt, mortgage, your family commitments (now and in future) and what you can afford to spend each month in premiums.
Our life cover calculator will help. And after you calculate how much cover, give us a call (or leave your details we’ll call you) so LifeSearch can search the market for policies that match what you’re after.
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Frequently asked questions
Using the details you provide about your mortgage, outstanding debts, family commitments and circumstances, our life cover calculator estimates out how much cover you may need. The payout from a Life insurance policy can help with funeral costs, clearing outstanding debts, paying off a mortgage or leaving a gift for loved ones or charities.
Existing life insurance policies can reduce the amount of new cover needed. Only by understanding your personal circumstances, can we recommend how much life insurance cover you may need. Remember, the calculator is only a guide - if things change or you’d like expert advice on the life insurance policies available to you, speak to our team.
L&G 2024 study found the average cost of a funeral to be £4,706. In addition to this, it’s important to ensure your total cover can also clear any outstanding credit card balances, loans or mortgages. This helps protect your family from taking on unexpected debt during a difficult time. Use our life insurance calculator above to calculate the amount of cover that’s right for you.