Whilst life insurance is designed to provide peace of mind and financial security for your family in the event of your demise at some point in the future, it also needs to be affordable in the present. It is never worth insuring yourself against some unexpected future event if it means you and your family cannot afford to make ends meet now.
Based on your income and current expenditure, you should be able to calculate how much money is “left over” at the end of each month, and from that figure, determine what percentage of it you are willing to spend on a life insurance policy. Make sure when calculating this figure that you are comfortable with the amount as if you spend all of it on a life insurance policy, it will not be available for other unexpected expenditure which may arise.
When you use our life insurance calculator, you will receive a call from a specialist advisor who will discuss your requirements with you, comparing policies from the whole of the market to help you choose the most appropriate one for you. By letting the advisor know what you can afford to spend on monthly premiums, they will be able to narrow the search to only companies and policies which fit your budget and other criteria.