How much cover do I need? Use our instant calculator!

There is an old business lesson that gets told and goes something like this:

An old businessman teaches his son an important lesson on dealing with banks. He tells his son to go the banks and open a credit line when he least needs it. His son, surprised, listens to his father, goes to the bank and presents his company’s loan application. The bankers see a loan application from a company that is in very good financial shape and the credit line is easily approved.

The next year an economic crisis hits the company hard. The company’s financial data is much worse and the company needs the credit line money. Had the company approached the banks at this stage the credit would be much more expensive, if the company would be able to secure a credit line at all. Luckily the company had the credit line approved in advance and managed to survive the crises.

What’s the morale of the above story? You should take out an insurance policy when you believe you least need it. Take out the policy when you are young and healthy. By doing this you will accomplish a very low premium for the entire term of the insurance policy and you will not have any exclusions for pre-existing conditions as you were 100% healthy when the risks were assessed. Next you can forget about it and hope you never need it.

We have developed a simple guide which will help you to calculate your personal life insurance needs. It is straight forward and designed to make sure you don’t forget any important areas of cover. Once you know the insurance needs a premium calculation can be made based on your age and other factors. Access the detailed life insurance need calculation page here and learn about other uses for life insurance and how they can help you.