A good life insurance policy can provide peace of mind while you’re alive, and financial support for your loved ones when you’re gone. But figuring out how much coverage you need and how much it will cost can be confusing.

The  best cash value life insurance uk policy depends on several factors, including your age and health status. In general, younger and healthier people pay less for a policy. The type of policy you get also affects your cost, with term policies typically cheaper than whole or universal life policies, which have cash value and last for a specific number of years (referred to as a “term”).

Wealth Building with Insurance: Exploring the Best Cash Value Life Insurance Options in the UK

Many financial professionals recommend a rule of thumb of 10x to 20x your annual income in life insurance coverage. The amount of coverage you need depends on your family’s expenses and your future goals, such as covering funeral costs or recouping debt. If you’re not sure what coverage amount you need, a Policygenius agent can help you calculate your needs and recommend the right amount of coverage for you.

In addition to your age and health status, other factors can increase the cost of your policy, such as your occupation, whether you smoke or have a history of medical problems. You might have to pay flat extra fees, like a survivor benefit rider, if you work in a high-risk occupation, such as law enforcement or scuba diving, or you may need to buy additional coverage in the form of an accelerated death benefit rider.