- Gwen Global Insurance Consultancy
- Life Insurance
Few people enjoy thinking about life insurance, but for anyone whose family depends on their income it is one of the most important financial decisions they make. The aim is simple: if the worst happens, the people you care about should be able to keep their home, continue their education and meet everyday costs.
Start with the people who depend on you
Consider who relies on your income today and who may in the future: a spouse, children, parents or other relatives. Their needs, and how long those needs would last, are the starting point for deciding how much cover is appropriate.
Add up the commitments that would remain
- Outstanding loans, such as a mortgage, car loan or business borrowing.
- Children’s school fees and future education costs.
- Everyday household expenses for a period of years.
- Final expenses and any support you provide to extended family.
Many lenders also ask borrowers to hold life cover linked to a loan. It is worth checking whether that cover would simply repay the lender, or also leave something for your family.
Life cover through work
Some employers provide group life cover for staff. It is valuable, but it usually ends when you leave that employer and may not be enough on its own. Knowing what you have through work helps you decide whether personal cover is needed as well.
Keep beneficiaries and cover up to date
Marriage, the birth of a child, a new loan or a change in income are all good moments to review your life insurance and make sure the named beneficiaries are still right.
Gwen Global is a preferred consultant for life and non-life insurance. If you would like to talk through the right level of cover for you or your employees, our consultants are ready to help.
