Having life cover is beneficial for your family should you, unfortunately, pass away or are diagnosed with a terminal illness at some point during your policy term. Your life insurance will offer a payout for your family, either in the form of a cash sum or regular benefits, depending on what you selected for your policy. 

If you’re wondering how much to put into your life insurance policy, the general rule is to cover 10 times the main income earner’s salary. Of course, you don’t have to stick to that exactly if your budget doesn’t allow for it. You can still get good coverage with a lower budget, but you should still aim to cover any outstanding debts, like a mortgage or other bank loan, as well as future spending, like university tuition for your kids or any expenses relating to a bereavement, i.e.,  funeral costs.