What Amount of Cover?
Life Cover
A lump sum enough to pay off all debts, mortgage, loans or to invest to replace an income. Five times your current salary is a good starting point.
Family Income Benefit
An annual benefit to cover your current income, over a selected term. The term could cover the vulnerable years, whilst your children are growing. An annual amount that covers maintenance payments or school / college fees. You can include critical illness on this policy.
Income Protection
This will cover between 60/70% of your net relevant earnings. Perhaps you only wish to cover your monthly bills/outgoings.
Critical Illness Cover
A lump sum equal to one or two years of your salary. Or a monthly benefit related to your current earnings.
Retirement Income
Imagine you were retiring tomorrow, what income would you wish to receive? Once you have stopped working and considering all your current outgoings, how much do you need as a second income?