The amount of cover you need depends on your situation. To work out roughly if you have enough consider the following:
Life cover:
- The total amount of debt
- Funds for funeral expenses
- If you have dependants or a spouse:
- An education fund,
- Supplement income for your spouse so they can continue to care for children when you are gone.
- Any other capital requirements (a lump sum for your children to be kept in trust etc.)
Total and Permanent Disability (TPD):
- The total amount of debt
- Funds for provision of medical expenses
- If you have dependants or a spouse:
- Supplement income for your spouse so they can continue to care for children if you are unable too.
- Provision for home renovations
- Any other capital requirements