Getting the right cover

How much cover do I need?

The amount of cover that you need will depend on your individual circumstances: if you die or are unable to work due to a serious illness what level of cover would you need to ensure your dependents are provided for or your financial commitments can be met?

It's worth understanding these commitments and you can use a budget calculator to help you determine what your weekly or monthly expenditure is.

It's also worth finding out if you have any benefits through your work and having these to hand when talking to a financial advisor or insurance company so that they can take these into account when doing any calculations about the level of cover they would recommend.

Another factor to consider is how much you can afford to spend.  Again understanding your essential outgoings and the amount of money coming into your household can help here.  A good financial advisor will be able to assist you in making these decisions and provide guidance as to what level of cover you would typically need.  It's also worth reviewing your life cover as your circumstances change (e.g. moving house, having a child), as the level of cover you need may go up or down.

How much will I have to pay for my cover?

The amount of money you pay for insurance (the premium), will depend on a number of different factors

• The amount of cover you take out
• The length of time you take it our for
• The type of product you take out
• Your own personal circumstances which will include details about your health

Speaking to a financial adviser can help you to understand the right amount of cover for your circumstances.  It's really important to provide accurate and up to date information, for example if you don't provide accurate health information this can affect any claim you may need to make at a later date.  During the application process you may sometimes be asked to attend a medical screening depending on any underlying medical conditions or the terms and conditions of the policy.

Life and Critical Insurance are normally long term policies typically lasting between 20 and 25 years.  It's worth noting that if you stop paying your premiums then your policy will normally cease and you will no longer be covered.