Congrats on taking a savvy step towards securing your financial future! Still, to ensure you have adequate coverage, you’ll need to figure out how much life cover you’d need. Here’s what you should consider when trying to calculate out how much life cover you need.

How much money does your family require per year?

This is where knowing your financial habits comes in handy. If, for example, your family’s monthly expenses are R10 000 per month and you are saving another R2 000 for the future expenses such as your child’s tertiary education, then you’ll need to replace your R12 000 per month up until the age at which you planned to retire. So, if you were planning to retire at 65 and are now 40, you’ll need to provide at least R12 000 per month for 25 years – approximately  R3 600 000.

Remember, this calculation doesn’t account for inflation but do keep in mind that your beneficiaries would be able to earn interest on a large lump sum. This is just a rough estimate does a good job of illustrating that R1 000 000 in life cover might sound like a huge amount that might be enough but could fall short in the long term.

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Don’t forget about your debt

If you still need to pay off your house, car, student loans or any other form of debt, such as a credit card, you’ll want enough life insurance to easily cover it. If you don’t, your family could end up responsible for these debts if you were to pass away. Happily, life cover always be adjusted so, as you pay off those debts, you can always reduce your cover amount which will also reduce your premiums.

Still confused? Use our handy life insurance calculator to help you figure out how much life cover you’d need to take care of your debt and secure your family’s financial future today.

Did You Know:

You can now take out life cover with us online in a few simple steps. No calls and no agents! Make sure to take care of those you love today by buying MiWayLife cover online.