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Calculate your Life Insurance Policy

Life Insurance is one of the most important financial products available. At The Insurance Surgery, we are experts in finding you a policy that is affordable and covers all your needs, even if you’re not sure where to start.

You may be taking out a life insurance policy for the first time due to new circumstances or a change in occupation. It could be because you have recently bought a property or started a family and feel you need to financially protect your partner and children.

Our team are experts in what they do, offering you a personal service for all your life insurance needs. We know exactly which provider to approach for your circumstances, so you do not have to search the market yourself. All you need to do is fill out our online quote form once or call us on 0800 083 2829 and we will take it from there!

People are often unsure the amount of life insurance cover they should be taking out when they begin searching for a policy.

Our handy insurance calculator is a great starting point.

It can help you look at your lifestyle and decide the amount of cover that would be an ideal pay out for your family if the worst was to happen to you.

By breaking it down into steps, you can calculate everything you may want to leave behind when the worst does happen.

Calculate your Life Insurance Policy

Covering your mortgage

If you have bought a property, one of the main things you may want to do is leave enough money behind to be able to pay off the mortgage. This is to make sure that the remaining balance is not left for your spouse, family or next of kin to deal with.

If you have recently managed to climb onto the property market, it is a huge achievement. However, it does mean that the amount of money you have left to pay on a mortgage may be significantly higher than if you were older and have already spent years contributing to your mortgage payments.

Leaving that amount of debt for someone else to deal with if you were to pass away could leave them in a very difficult place financially.

If you were to ensure that there was enough in your policy to pay that off and leave the property to your next of kin, it gives you peace of mind that that side of things is taken care of. Supporting your partner

You may also want to ensure that you leave enough behind for your spouse or partner. If you have built a life together, both of your salaries will be included in your finances.

If you own a property together, both your earnings will have contributed to how much you were allowed to borrow when taking out a mortgage. You may split all your household and lifestyle costs down the middle. This could include electricity builds, council tax, insurance and day to day bills.

Your lifestyle could also be based on how much you both earn, whether one of you earns slightly more than the other or if everything is a 50/50 split. Calculating four times your annual salary to add to your life insurance policy will allow you to leave your other half enough money to continue living the same lifestyle that they currently enjoy. It gives them one less thing to think about when the worst happens and they’re left to navigate life without you.

It’s an awful thought, and not one that you really want to think about too much, so adding that sum of money to your life insurance policy is something we can look at doing. It could mean that there is nothing to worry about financially for a while.

The average cost of a child

In a similar vein, if you have children it is also worth looking at leaving enough money behind to ensure they are supported and have everything they need. We all know that the cost of a child per year takes a huge dent to your finances – and you wouldn’t have it any other way. Even the necessities of clothing, feeding and keeping a roof over their heads are costs that you may want to include in your life insurance policy.

The cost of a child slightly increases as they get older and start school. At The Insurance Surgery we have a the most up to date calculations on the market and can ensure every penny is covered.

We calculate the cost of a child based on the following figures:

We calculate based on average cost per child:

  • £5,324.80 per year, if they are aged over 11
  • £3248 per year, if they are aged 5-10
  • £2128.36 per year, if they are aged 2-4
  • £2215.72 per year, if they are 0-2

This is then multiplied by how many years it is until the child is 18, leaving a lump sum to support them through to being an adult.

Leave behind university costs

You may also want to leave a sum of money to support your children through university, especially if they are coming up to an age where they are starting to consider their options and enter further education.

Working out how much they would need to support them through three years of university fees and living costs can help them avoid drowning in student debt when you are not around to support them. You can calculate this by adding £9000 per child per year for University tuition fees and a further £8000 per child per year for University living costs.

University can be a fantastic experience for your children, both professionally and socially, so you may want to leave enough behind for them to flee the nest and take on that experience without having the costs over their heads when you are not around to support them.

Funeral costs

Finally, you will probably want to leave enough money behind for your funeral expenses. Unfortunately, funerals are not cheap. Based on the most up to date figures, the average cost of a funeral in the UK as of 2020 is £4,184.

Ensuring this pot of money is there can help your family not have to worry about finances in a time which will already be very difficult for them.

Life Insurance with The Insurance Surgery

If you need to discuss taking out a life insurance policy with our team, they can offer you free and impartial advice to make sure you are happy with everything you intend to include. They can discuss your life insurance costs and exactly what you would be covered for.

It is also worth including your spouse or next of kin in the discussions when you take out a new life insurance policy. This way they are fully aware of how much you intend to leave behind in your policy and for what reason.

Taking our Life Insurance can be stressful and time consuming, especially if you have a condition or circumstance that means your application could be rejected by certain insurance companies. At The Insurance Surgery, 70% of people declined elsewhere manage to get insured through us.

We have helped thousands of people secure a life insurance policy that they are happy with and pride ourselves on being the best specialist life insurance broker in the Uk, based on our Trustpilot and Feefo reviews.

Fill out our online quote form or give us a call today and we can find you a life insurance policy that meets all your needs.