How Much Life Insurance Do I need?
A simple guide is to work out how much of your monthly income your family still need after your death. Multiply this by 12 to determine the annual income and then multiply by the number of years this income is needed. (This should be at least until your youngest child would complete their education.)
Add on the amount to cover any loans plus a further £10,000 for expenses and you will have the recommended amount of cover. State benefits and employer benefits may also be available to a widowed parent and children.
Next Steps?
Call us on 0191 495 2254 or freephone 0800 881 8085 and we can provide you with an initial quote. You will be offered the choice of speaking to an adviser first but if you already know what you want then we will just provide you with a quote. If you want to apply for cover then an adviser can arrange this over the telephone and by post, but a face to face meeting can be arranged if you prefer.
Having the right type and level of cover is extremely important and will depend upon your individual circumstances. The correct use of trusts is also an important consideration and you should seek advice from a qualified financial planner.
If you are in any doubt as to the suitability of the product you are considering, before you buy you should seek professional advice from Hanson Wealth Management. We will be pleased to help.
