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28 Apr 2017

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Protection Insurance What is...

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Family Life Cover

How Much Family Life Cover do You Need ?

If you have a family then having the right amount of life cover is essential. Unfortunately every household will have a different requirement for their life insurance depending upon the income, liabilities and number of dependants.

You could simply enter your whole net annual salary in our family income benefit calculator and the term you require to get a guide to the cost of covering the loss of your income. LV have made some calculations below that may aid you in calculating the amount of family income cover you require.

LV calculated in 2011 that the average cost to raise a child is a staggering £176822 over 21 years. Now this figure may seem high but with many people taking an average £150000 worth of life cover to provide for their families to allow for inflation over the term of the plan, it may not be that observed.

The costs of raising a child

£62,009 Childcare babysitting, £71,780 Education, £18,667 Food, £10,781 Clothing, £9,248 Holidays £4,337 Pocket Money, £3,373 Furniture, £1143 Personal Care, £13761 Other (includes driving lessons, first car, birthday and Christmas presents).

*Average cost of raising your child/children to 21. Research gathered from LV survey in 2011.

Cost of Raising a Family by region

Region Total Cost
North East £211,022
North West £211,022
Yorkshire & Humberside £208,839
East Midlands £213,538
West Midlands £223,624
East of England £228,685
London £234,263
Outer London £239,535
Inner London £228,989
South East £232,450
South West £223,687
England £218,558
Wales £202,931
Scotland £220,857
Northern Ireland £228,363
Average United Kingdom £218,024

What are the most expensive years to raise a child ?

Age Cost
1st year £10,261
Years 1 to 4 £56,562 (£14,140 a year)
Years 5 to 10 £46,073 (£7,679 a year)
Years 11 to 17 £52,753 (£7,536 a year)
Years 18 to 21 £52,376 (£17,459 a year)
Total £218, 024

Types of Family Life Cover

There are three ways to protect your family in the event of your death,

Level lump sum

Provides a fixed amount of life cover for the term of the policy, so you will need to factor in the affects of inflation to the lump sum you require.

Increasing lump sum

This will provide a lump sum that is reviewed on each anniversary and the sum assured will increase inline with inflation and the premium will also rise.

Level monthly income

Provides a fixed amount of monthly income for the term of the policy, so you will need to factor in the affects of inflation to the monthly income you require.

Increasing monthly income

This will provide a monthly income that is reviewed on each anniversary and the sum assured will increase inline with inflation and the premium will also rise.

Family Life Insurance Advice

With so many types of life cover available in the uk it can be easy to be confused as to which is the best type for your needs. Go Direct offer independent phone based advice to help you find the right cover all with our best price guarantee promise. Call us today on 0845 262 2226 or try are quick life assurance quote system for an instant quote.

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