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Choosing the right cover...

How much cover do you need and for how long?

You only live once. You need to decide how much cover you need and for how long. We suggest thinking about your monthly income and expenditure, and how much your family would need to survive on each month.

Multiply by 12 for an annual amount and then consider how long the money would need to last for. This will give you the lump sum, or 'sum assured', that you should consider protecting yourself for.

To help you decide how much cover you need, you can use our online cover calculator.

So which cover would be best for you?

Decreasing cover

Do you want the peace of mind of knowing your loved ones are looked after? They could receive a cash sum to pay off your repayment mortgage or other unprotected loans.

Consider Tesco Life insurance with Decreasing cover. The cover reduces each year, roughly in line with your mortgage, yet the premium you pay remains fixed. It could:

  • Pay off your mortgage or...
  • ...credit owed on loans not already covered by other policies
  • You must review your cover amount and term regularly to ensure they meet your needs, especially if your personal circumstances change.

Level Cover

Do you want a fixed cover policy which could help maintain your family's quality of life? Consider Tesco Life insurance with Level cover.

It's a protection policy that'll pay the cover amount if death occurs within the cover term. It could cover:

  • Family living costs - e.g. food, bills, running a car
  • Debt, mortgage, credit cards, loans and overdrafts etc - don't leave them for your family to pick up
  • Childcare costs such as nurseries, school, after school care and outings, etc
  • Mortgage, rent or other accommodation costs
  • Holidays and trips away
  • Long term costs of children like college or university, cars, weddings or even a deposit for their first home
  • The cost of your funeral

Critical Illness Cover

Need a means to support yourself and your family if you become critically ill or die? This cover pays out a cash sum if you're diagnosed with one of the defined critical illnesses or upon your death (if taken with Tesco Life insurance).

Already have Tesco Life insurance? Consider taking additional protection against critical illness.

Female example

The below example is a 38 year old female non-smoker, with a Level cover single life insurance policy.

Policy featureAmount of cover required
Term 25 years
Lump sum for your dependants £100,000
Amount of outstanding mortgage or debts £150,000
Amount of other outstanding loans not already covered £10,000
Funeral Expenses £2,700
Education costs for your children N/A
Any other expenses N/A
Any other existing life insurance policies or savings N/A
Total Life Insurance cover £262,700
Monthly Premium £22.59

Rates correct as at 03/06/2011. The example above assume that the applicant's birthday is on 01/06/2011.

Male example

The below example is a 42 year old male non-smoker, with a Level cover single life insurance policy.

Policy featureAmount of cover required
Term 20 years
Lump sum for your dependants £200,000
Amount of outstanding mortgage or debts £75,000
Amount of other outstanding loans not already covered £30,000
Funeral Expenses £2,700
Education costs for your children £20,000
Any other expenses £10,000
Any other existing life insurance policies or savings £30,000
Total Life Insurance cover £307,700
Monthly Premium £37.76

Rates correct as at 03/06/2011. The example above assume that the applicant's birthday is on 01/06/2011.

Joint example

The below example is a 38 year old female non-smoker and a 42 year old male smoker, with a Decreasing cover joint life insurance policy.

Policy featureAmount of cover required
Term 20 years
Lump sum for your dependants £150,000
Amount of outstanding mortgage or debts £250,000
Amount of other outstanding loans not already covered £12,500
Funeral Expenses £5,400
Education costs for your children N/A
Any other expenses N/A
Any other existing life insurance policies or savings £60,000
Total Life Insurance cover £357,900
Monthly Premium £71.52

Rates correct as at 03/06/2011. The example above assume that the applicant's birthday is on 01/06/2011.

 

Cover calculator - How much cover will I need?

Apply over the phone

Why not give us a call? We can complete your application in around 20 minutes...

Call one of the team on:
0845 309 2933

Lines open 8am-8pm Monday to Friday, 9am-5pm Saturday and 10am-5pm on Sundays. Calls may be recorded.

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Got a question about your Life Insurance policy?

Take a look through our Life Insurance glossary for the answer.

  • Find out more information from our life insurance glossary...