Here are some questions to ask youself:
- How much of the family income do I provide?
- If I were to die early, would my spouse and especially my children, be able to maintain their current lifestyle without my income?
- Does anyone else depend on me financially, such as a parent, brother or sister?
- Do I have a mortgage?
- Do I have children for whom I’d like to set aside money to finish their education in the event of my death?
- How will my family pay final expenses and repay other debts after my death?
- How will inflation affect my future needs?
- How have I planned for my retirement?
- If I were to become disabled how would I continue to receive income?
As you figure out what you have to meet these needs, consider that as a general rule you will require 5 to 10 times your annual income. Count the life insurance you have now, include any group insurance where you work. Don’t forget your National Insurance, company and personal pension plan benefits. Add other assets you have: savings, investments, real estate and personal property. Ask yourself which assets would your family sell or cash in to pay for expenses after your death.
This guide provides only basic information. You can get more facts from the insurance professionals at Field Insurance Brokers