Life cover: how much, and for how long
Chapter 1 of 5
The idea
If someone relies on your income, life cover is usually the cheapest peace of mind you can buy.
A simple sizing method
Add up your mortgage and debts, a sum for your dependants' living costs until they're independent, and any big future costs (like education). Subtract savings and any cover through work. Term cover that ends when the kids grow up is usually much cheaper than whole-of-life.
Predict first
A common starting point for life cover is roughly how many times your yearly income?
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