That is why it is so important to ensure that we have adequate financial protection to look after them, should we no longer be around – or can no longer earn an income to provide for them and ourselves.

To help you think about the issues, here are answers to some of the basic questions that people often ask us:

|||| How much cover do I need?
There is no definite figure and the answer depends on your particular circumstances.

The cost of generating your life cover should not impinge on your lifestyle to such an extent as to make it uneconomic, but, as a rule of thumb, you should aim to generate approximately 10 times your salary in addition to any mortgage cover.

|||| Why do I need cover?
We all believe that it will never happen to us but the financial impact of losing a family member, should it happen, could be catastrophic. What would happen, for example, to your family’s basic requirements and day-to-day living costs?

Life policies will pay out a lump sum to the remaining family members upon your death. If necessary we can arrange for a relevant trust to be set up which will enable this life cover to be taken outside of your estate.

|||| How long do I need cover for?
With changing social demographics, many people are continuing to have liabilities longer whereas a few years ago most people in their early 60s or late 50s would find themselves free of liabilities. Added to a rising divorce rate and rising consumer debt, this is no longer the case. You need to ask yourself when, for example, your children are likely to be financially independent and, if you are supporting other family members, when your responsibility will cease.

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