One of the most common questions people ask is:
“How much life insurance should I buy?”
There is no single amount that works for everyone.
Your required coverage can depend on:
- Your annual income
- Family expenses
- Outstanding loans
- Children’s education
- Future financial goals
- Number of dependents
- Existing investments and insurance
- Your retirement planning
A Simple Approach
Start by calculating your family’s financial responsibilities.
Financial needs + Loans + Future goals − Existing financial resources = Approximate protection requirement
This is only a starting point. Your actual requirement should be evaluated based on your individual circumstances.
Don’t Focus Only on Premium
A very low premium may look attractive, but inadequate coverage may not provide sufficient protection for your family.
Conclusion: The right life insurance cover should be based on your family’s financial needs, not simply on what is cheapest.
