Life Assurance - A Rough Calulation

A common question asked by our clients is how much life cover do I need? A simple guide is to work out how much of your monthly income your family still need after your death. Multiply this by 12 to determine the annual income and then multiply by the number of years this income is needed. (This should be at least until your youngest child would complete their education.)

Add on the amount to cover any loans plus a further £10,000 for expenses and you will have the recommended amount of cover. State benefits may also be available to a widowed mother and children. Employer benefits may also be available.

For more information, you may wish to contact an IFA (Independent Financial Adviser) who will be able to take you through the options available to you and help you find a deal to suit your needs. Hanson Wealth Management would be happy to talk you through your options.

Hanson Wealth have offices in Boldon, Durham, Inverness, Standish and North Berwick. We have a community of independent financial advisers based throughout Scotland, England, Wales and Northern Ireland as well as a variety of services available over the telephone or via the internet. So even if you are not based near to one of our branches, we can still ensure that you will get quality independent financial advice from our IFA team.

Call today on 0191 495 2254 or freephone 0800 881 8085

9am - 5pm Monday to Friday or leave a message outside of these hours and we will call you back.