Your life cover, aka sum assured, can support your family’s needs even after you’re gone. It’s a replacement of the income that you would have earned, were you still around.
It’s common to calculate life cover at 10x your current income. This math is overly simplistic, and covers your family only for 10 years post your passing. You have no way of knowing if this amount will even be adequate for your family.
Avoid this ‘rule of thumb’!
You may come across detailed calculators that consider your income, expenses, liabilities, and many other factors. But they function more on standard assumptions than on actual facts.
They don’t make your decision any more accurate.
We could have created a complicated, and supposedly accurate, calculator for you, too - but we chose not to.
Because a broad calculation based on your income and policy duration is enough.
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