How much life insurance do I need?

The level of life insurance cover you will need depends on your individual circumstances, your life stage and the type of insurance you are considering.

MoneySmart recommends that in order to work out how much cover you may need, you should consider how much your family would need and how much they would receive. The amount they would need could include expenses such as paying off your mortgage and other debts, and well as general living expenses such as childcare and education. The amount they receive may come from your superannuation, shares, savings and existing insurance policies and any paid leave you have. You may also wish to consider whether other members of your family could provide any support and if so what type, as that could alleviate child care expenses, for example. 

MoneySmart also suggests that you check whether you already have life insurance through your super fund. 

You can use Canstar’s life insurance calculators to help you estimate your life insurance needs and the cover you may be eligible for:

1. Life Insurance Needs Calculator: This calculator can help you work out an estimate of how much insurance and income protection cover you may need.

2. Income Protection Insurance Calculator: This calculator can help you work out an estimate of how much cover you may want to apply for, in case you were to become unable to work due to illness or injury.

The cost of life insurance may vary depending on a number of factors including your age, gender and whether or not you smoke. You may need to ask a financial adviser or trusted professional about how you can get the right life insurance coverage for your situation and your budget. 

For more information, please contact me. I will be happy to help with whatever questions you have. www.rgwealthsolutions.com +6011-51565649