How long should the policy last
When you buy life cover, it can last either for a fixed period or for the rest of your life. A policy that lasts for a fixed time period is known as term. If you only want cover for your mortgage — which will typically last 25 years — or to give your family a financial safety net, then term insurance is usually more appropriate. If you’re planning on going strong and outliving everyone, great for you. However, the downside to term insurance is that, if you live longer than the policy term there’s no payout, so it might be worth looking at a different type of policy. If, on the other hand, you want the policy to provide an inheritance, whole-of-life insurance could be a better bet.

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How much cover should you take out?

In general, the more protection your life insurance policy offers, the higher your premiums. If you’re looking to cover your mortgage, working out how much cover you need should be straightforward. Use our life insurance calculator to figure this out. If you want to provide your family with a regular income after your death, you should look at your current outgoings and think about possible future costs to work out an accurate figure. If you’re over 50 and your main concern is leaving an inheritance, or helping your family cover funeral costs, the cover may depend more on what you can afford to pay in premiums.

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