How much life insurance do you need? 

If you are in the market for life insurance, figuring out the required amount that would cover your family’s financial needs after your death or the level of coverage you need can seem daunting.

However, getting a sense of the face value (or death benefit) you need is really simple once you take these two factors into account:

Who will you leave behind
One of the biggest considerations as to how much life insurance you need is who will be left behind when you pass away. If you are married, have no children, and your spouse makes good money, you can do with lower coverage than someone who is the sole earner in the family. On the other hand, if you are married and have children, you are going to need more cover to ensure your children are cared for if you are no longer around. If you are providing for your children’s tuition or simply aiming to meet their day-to-day needs, tally up the value of all the future expenses, and you will arrive at an amount you could go for.

How much you make every year
Your annual income can help you determine how much insurance you need. If you are the main source of income in your household, you know that your current income is enough to provide for your family’s current lifestyle. Therefore, you should choose policy coverage that is at least 10-15 times your annual income, so your family can be financially stable without you. 




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Registered office, Springfield House, Laurel Hill Business Park, Stirling, FK7 9JQ.

The 15 Minute Life Insurance Service provides policies underwritten by AIG Life, which include access to Smart Health services which are provided by Teladoc Health
We want to let you know that these services are non-contractual, which means they don’t form part of your insurance contract with us. If our partnership with Teladoc Health ends, the service can be withdrawn at any time without notice. Please note the maximum cover across all AIG Instant Life Insurance policies is £600,000 if aged 17 – 45 or £350,000 if aged 46 to 55.

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