Protect the life you have built.

Start with the income your dependants would need, outstanding debt, education commitments and estate costs. Then account for existing cover, savings and other resources. A needs analysis is more useful than a fixed salary multiple.

Funeral cover generally addresses funeral and immediate family expenses. Life cover is typically considered for larger, longer-term needs such as debt and income replacement. Benefits, waiting periods and exclusions depend on the policy.

Income protection can provide a regular benefit when you cannot work because of a qualifying illness or injury. It is subject to the policy’s definition, waiting period, benefit period and exclusions; it is not automatically cover for unemployment.

A death benefit does not automatically include disability. Disability may be a separate benefit or policy. Check the schedule and wording for the actual cover in place.

It addresses the financial impact of specified serious medical conditions. Whether a benefit is payable depends on the insured conditions, severity criteria, disclosures and other terms. A diagnosis alone does not establish a claim entitlement.

Agree a regular review with your adviser and revisit the plan after events such as marriage, a child, a new bond, a job change or a major change in income. Beneficiary details also need attention.

It may cover part of the need, but the amount and conditions should be compared with your circumstances. Consider what happens if you leave the employer or your income changes.

Many policies allow beneficiary changes, subject to their terms and ownership arrangements. Review nominations with your adviser and consider how they interact with your estate plan.