How much life cover you need depends on your personal circumstances. If you are the main earner in your family and have young children, your life insurance needs will be much higher. There are many factors that can determine the amount of life cover you need, however areas to consider are how much money your family will require to cover current and future financial obligations, such as your mortgage, future university fees, as well as being able to maintain their current standard of living.

Many employers will offer life insurance cover to their employees. However, it is often the case that the amount of cover provided by employee plans will not be sufficient to address all your protection needs. Additionally, in many cases the coverage will cease when you leave your company, leaving you potentially unprotected, and depending on your age and health condition, it may be expensive, or very difficult to acquire cover at that time.

Term life insurance will only cover you for a specified period of time, for example 20 years. Once that period ends, cover will end and the policy lapses. Whole of life cover is life insurance for the whole of your life, and so there will be a payout in the future.

There are many financial pressures on a family after the loss of either parent. The financial strain on a family after the loss of a spouse can be significant, even if the deceased spouse wasn’t working, and in many cases insurance is taken out to cover the cost of care workers for your children so that you can continue to provide for your family.

This is ideal for people who may be working overseas or find that they have very mobile careers and want to keep the same insurance policy. For many people it is simply the comfort of being able to access a solution where all the terms and conditions are in English, all the support staff speak English and the cover is offered to you by a well known Fortune 500 company, rather than a local insurance option in a foreign country that will become void when you leave.