Life insurance is designed to let people provide for their families financially when they die. It functions by paying out a lump sum. Many people decide to take out a life insurance policy when they start a family and they want to know that the family will be taken care of. Another common motivator to taking out life insurance is when they buy their first property and want to make sure the family would not have to deal with significant debts. It is important to know that the longer you put off starting a policy the greater the price is likely to be.
You can get a good idea of how much cover you need by looking at your existing level of savings and financial commitments. Another helpful tool is to ask a few forward thinking questions. Questions such as: How long could you be without an income before you would need to sell the house or change schools? Again, I can help in this regard. We can look at the financials and find answers to these questions. From there we can look at how much you need to save now so that the family will be secure later.