Wealth & Protection
If your income stopped, how long would your family be alright?
That single question decides how much cover you need. Not your age, not a round number someone quoted you, and certainly not whatever product happened to be on offer that month.
What usually goes wrong
Not every one of these will apply to you. Most households recognise at least two.
- Cover was bought once, years ago, and has never been re-checked against a bigger home loan or a second child.
- The sum assured was chosen because it sounded like a lot, not because anyone worked out what the family would need each year.
- A business loan was personally guaranteed, so the family inherits the debt but not the means to clear it.
- Several small policies exist across different agents, and nobody has ever added them up.
Before anything is suggested
The questions that come first
A recommendation made before these are answered is a guess with a product attached.
- 01 What does your household actually spend in a month?
- 02 How many years would that need to continue?
- 03 Which loans have you personally guaranteed?
- 04 What cover do you already hold, across every policy?
- 05 Who depends on you that a form would not think to ask about?
Life cover premiums may qualify for tax benefits under Section 80C, subject to prevailing tax laws.
Not sure whether this applies to you? The two-minute check gives you a straight answer before you talk to anyone.
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