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How much life insurance cover do I need?

Find out how much cover you might need and what type of life insurance is right for you.

Why do I need life insurance?

Life insurance helps keep your loved ones finances secure if something were to happen to you. Having life insurance can help them pay off things like debts, bills and the mortgage.

To make sure you don’t leave your loved ones short, it’s important to take out an amount of cover that's right for you. Whatever amount of cover you need depends on a few things, like: 

  • Your personal circumstances
  • Your family’s needs
  • How much you can afford to pay towards your monthly premiums.
How much cover do I need?

Call our expert advisers on 0808 271 8355

What to consider when choosing your cover amount

How much is left to pay on your mortgage?

A mortgage is one of the biggest financial commitment you’ll make. You’ll want to make sure your family can repay the mortgage if something bad happens to you. Have a think about how much you’ll need to pay off both the capital and the interest.

How much other debt you have to pay?

If you have debts like personal loans, car loans, or credit cards, include them in your cover amount. This eases the pressure on your loved ones so they are not left with any other big debts when you die.

How much you can afford? 

While it’s important to ensure your loved ones are protected, make sure it’s at a level that you can afford. Keep in mind that the higher your cover amount, the higher your monthly premiums will be.

How much you may need if you get a critical illness?

What would happen if you were to fall ill with a serious illness like as cancer, a heart attack or stroke? If you add Serious Illness Cover to your life insurance plan, you'll get a payout based on the severity of your condition. You can use this money for mortgage repayments, living costs or medical expenses.

How much you need to pay towards childcare or education?

If you have young children, you’ll want to have a think about the type of care they may need if you weren’t around. If your partner needed to work, you may need higher levels of childcare. 

You might also want peace of mind that your children will be able to go to your preferred school or university. If you include these education costs in your cover amount, you can ensure the fees are taken care of.

How much your loved ones would need to maintain their lifestyle?

If you’re the main breadwinner, the loss of your income could have a huge impact on your family’s lifestyle. Have a think about day-to-day living expenses like food, clothing, and household bills.

Review your protection needs regularly

Once you’ve bought a life insurance policy, it’s important to review the amount of cover you need on an annual basis. As your circumstances change, so too will your cover amount. If you pay off some of your debts or have a new baby, the amount of cover you need will need to be adjusted to reflect this.

Speak to one of our expert advisers for tailored advice.
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Why choose cover with Vitality?

Benefit from a life insurance plan which rewards you for being healthy.

✓ A brand you can trust - Last year, 99.7% of life cover claims were paid out1
✓ Award-winning cover - 5-Star Defaqto rated life insurance cover
✓ Discounts and rewards - Access a range of discounts and rewards with Vitality partners
✓ Free no-obligation advice - Our advisers are highly trained and offer free, expert advice.
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Learn more about life insurance

Source
1 Vitality Claims and Benefits Report 2023