How much cover do I need?
If you are insuring your mortgage then sum insured should
match the sum you owe to your mortgage lender.
If you are insuring to provide security for the family,
then there are a number of factors to consider.
Insuring a mortgage.
If you are taking out Life Insurance to cover a mortgage it will be important
that the sum insured is the same as the amount of money that you currently
owe your mortgage lender.
The length of the Life Insurance, the term,
should also match the length of time outstanding on the mortgage.
Remember that all policies sold by Brokers Online will have
Terminal Illness cover added without any additional cost.
Please see below for the other useful FAQ’s you should
read.
Insuring to provide security for the family.
We frequently get asked how much insurance should be taken out in order
to provide security for a client’s family.
The problem is there is no set method of working it
out. Some people might suggest 5 times your annual gross income others
10 times but we suggest you consider what financial liabilities would
need to be tidied up if you died and to what extent your family would
need extra capital. Remember that the proceeds of your policy will be
tax-free. Now consider the following table:
Is Life Insurance for me?
What else do I need to know about Life Insurance?
How do I get a Life Insurance Quote?
How do I choose the right policy for me?
What if I need cover to be arranged quickly?
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How are premiums calculated?
What if I have to make a claim?
Do I need Mortgage Life Insurance instead?
Should I consider Critical Illness cover?
What other sorts of Insurance should I think about?
How do I make a complaint?
What do I need to know about the law and Life Insurance?
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