Choose the right cover

Everyone’s personal and financial situation is different — so are your insurance needs.

Why you need insurance

The right cover can provide financial security for you and your loved ones when you need it.

Having insurance is like carrying an umbrella - you may not need it all the time, but it's handy to have when you do.

Most of us rarely think about insurance cover. But as you move through life and take on greater responsibilities, like families, children, loans and mortgages, the financial impact of an illness or death becomes more significant. So, it’s important to make sure you have enough to cover your needs if things don't go to plan.

How much cover do I need?

Everyone’s financial needs are different, so there's no one size fits all when it comes to insurance.

The amount of cover you need will likely change throughout your life as your financial and personal situation changes.

Key life moments when you might review your cover include:

  • starting a new job
  • getting married
  • having kids
  • buying a house or downsizing
  • divorce.

By reviewing your cover regularly, you can make sure your cover is appropriate for your circumstances. You can also save money by not paying for cover you don't need.

As a rough guide, the amount of cover you need is the amount you and your family would need to pay the bills and maintain your lifestyle if you were to become ill, disabled or pass away.

You'll need to factor in your mortgage and any other debts, as well as childcare, education, and any other future costs.

Get advice

Insurance is an important part of your financial plan. If you’re not sure what type or how much cover you need, try our Insurance needs calculator.

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