You know that life cover is an essential part of your financial planning, but often never know exactly how much cover you need. Do you take the minimum or just enough to cover your mortgage? Can you have too much cover that costs you a fortune in contributions?

“You don’t buy life insurance because you are going to die, but because those you love are going to live.” – Unknown

It is important to have enough life insurance that will cover your debt like mortgages and loans etc. so you don’t leave your family with your debt.

To determine exactly how much cover you need, your financial advisor could ask some of these questions:

• What is the amount of your total debt? – this includes mortgages and loans and credit cards.
• Do you have separate savings for your children’s education or do you need to cover it incase you die? – you would need an estimate of what education would cost.
• How much would your spouse or partner need to survive on per month for at least ten years? – This depends on if they are employed or a stay at home mother. Your cover could include income until retirement age.
• Do you want to leave your children or spouse with a lumpsum to give them a boost in life?
• What would your estate taxes or inheritance taxes be?
• Do you have disability cover to keep you financially secure if you can no longer work?
• Are you living abroad? You might need extra money for your spouse to relocate back to family or cover your funeral costs.

You might be financially secure already and just need insurance to cover your debt.

Speak to your deVere consultant about taking out international life cover to give you peace of mind knowing your loved ones are taken care of. [email protected]

 

Please note, the above is for education purposes only and does not constitute advice. You should always contact your deVere advisor for a personal consultation.

* No liability can be accepted for any actions taken or refrained from being taken, as a result of reading the above.