The amount of coverage you need depends on your financial situation, dependents, and desired protection level. The coverage and term length that you should get will always depend on your specific needs. There is no one size fits all answer - one family's needs will differ from another. There are, however, a few rules of thumb that may be helpful for you when determining how much coverage to get and for how many years.

A commonly used rule of thumb is to have total cover in place that is between 10-15 times your annual salary (but it’s always best to start somewhere than not having any cover at all). The multiple you choose should consider things like how far you are from retirement, how long your children will be dependant on your salary etc.

You can also take a big picture approach. Consider how much financial support you would like to provide for your beneficiaries and how much debt you have. Then, subtract your savings and existing life insurance.

We’ve created a handy calculator to help you think this through, so take a few minutes to try it out.