We regret to inform you that we are no longer accepting new customers.

If you’re looking for cover, Smart Insurance offers Family Life Insurance that could help your family to manage major household debts like the mortgage and car repayments, or simply help with daily living expenses if the worst were to happen. Please call them on 0800 977 6057 for your free quote, or visit their website www.smartinsurance.co.uk 

Please note: If you’re an existing customer, your FRANKLi policy remains unaffected. Please call FRANKLi customer service on 0800 542 7981 if you have any questions. 

How much Life Insurance cover do you need?

If you’re unfamiliar with Life Insurance, working out how much cover you need might seem like a bit of a mystery. After all, there are a few things to consider. You want to make sure you strike the right balance between under and over-insuring yourself, as well as making sure you’ve considered your family’s future needs, all while making sure you can afford the monthly premiums.

 

But while it could seem complicated, we’re here to help. There is no straightforward answer to ‘how much does Life Insurance cost?’. This is because how much cover you need will depend on your own circumstances, and what you want your cover to do for you. However, there are some questions you can ask yourself to help you find out how much protection you and your family may need. Let’s have a look at what they are…


How much Life Insurance do I need?


The first step in calculating how much cover you need is working out why you’re getting Life Insurance. Do you want protection that can help pay for household bills, debts and funeral expenses? Maybe you want to keep providing opportunities for your children as life goes on? Or perhaps you just want to leave behind a gift for your loved ones to help life get back to normal as soon as possible. What you want your life insurance to do will have an impact on how much cover you’ll need.


If you want to help keep life on track for your family, you’ll need to work out how much they’ll need to carry on with life when you’re no longer around.  Getting back into the swing of life after a bereavement is a huge achievement that takes time, strength… and money too. Consider what kind of expenses may arise immediately after your death that Life Insurance could help cover, as well as any future needs they might have.


Do you want to make sure there’s protection in place to help pay for your funeral and final expenses, so your family won’t have to scramble for the money during a distressing time? If this is the case, you need to consider what kind of funeral you want, how much it might cost and how much you would like to contribute towards these expenses.


Maybe you want to ensure that your loved ones can carry on living in the family home if the worst were to happen? If this is the case, our Mortgage Life Insurance might be better suited to your needs.

  

How are premiums calculated?

 

When you take out a Life Insurance policy, you have to pay a monthly premium for the duration of your policy. How much your cover costs depends on a few things, like If you’re generally in good health or not, your age, and your lifestyle. This is because these things will affect how risky it is to insure you. Generally, the higher the risk, the higher your premiums will be. To calculate your premium, we ask you a few simple questions about your health and age. 

 

Health


If you’re a non-smoker in pretty good shape when you take out a policy, you could get a larger benefit amount for less than someone with poor health. This is because when you’re in good health you’re less likely to make a claim on your policy. So you’re considered less of a risk to insure.

 

Age


As we age our health is more likely to decline and we’re more likely to suffer from illnesses or pass away, making us more of a risk to insure. Generally, it’s better to take out a policy when you’re younger because your premiums may be lower.

 

Lifestyle


If you have an occupation that is considered dangerous, you could find that your monthly premiums cost more than those of someone with a less risky lifestyle.

 

Policy type


Something else that could affect how much your Life Insurance costs is whether you choose a level or increasing policy. Level cover will provide the same amount of cover throughout the term of your policy for a fixed monthly premium. Whereas, with an increasing policy, your benefit amount will increase each year in line with the Retail Prices Index (RPI), up to a maximum annual increase of 10%. Your monthly premiums will also increase to reflect this. You may choose this type of policy to help combat the effects of inflation on your benefit amount.

 

Can I do anything to lower the cost of my premiums?


Although changing your age isn’t an option, you can try to improve your health and lifestyle before applying for Life Insurance to help bring down the cost of your protection. If you’re concerned about the cost of Life Insurance, you can call us today and one of our friendly team will walk you through your options.

 

How long should my cover last?


When choosing how long you want your policy to last, you should think about how long you want to have protection in place for your loved ones. If you choose a term (the period of time you’re covered for) that’s too short, you risk leaving your family financially vulnerable. On the other hand, if you choose a term that’s too long you could end up paying for protection that you no longer need. Remember that whatever cover you decide to go with, you want to make sure you can afford to pay your monthly premiums not only now but further down the line too. 

  

What if I already have some life cover?


There’s no limit as to how much Life Insurance one person can take out. You may find, it’s better to have one Life Insurance policy that can meet all your needs, but there are some situations where you might find it suits you better to have more than one policy. For example, couples may opt to have two single policies instead of a joint-life policy.


Your circumstances might change later in life. Whether it’s having a child, buying a home, or any other big life events, you could find yourself reconsidering the protection you have in place. If possible, you may want to choose a flexible policy, so your protection can change with you when you need it to.

 

How do I use FRANKLi’s Life Insurance calculator?

 

Our Life Insurance calculator helps you to quickly work out how much cover you might want to help life carry on when you’re no longer around. When you have an idea of how much that might be, you can get a quote in minutes and get protection in place for your loved ones.

  

Ready to get started?

 

Securing the right Life Insurance can seem intimidating at times, but you’re not alone. We’re here to help you find protection for your family at the right price. Once you have an idea of how much cover you’d like to get, you can get a quote right away. Or if you’d prefer to call us, one of our friendly team can help you explore your options.