Life Insurance When You Have Dependants

Cover the gap, not a round number

Size life cover as capital to replace net income until children are independent, plus clear major debts and fund tertiary goals. Subtract existing investments and group cover.

Both parents need cover proportional to contribution — a non-earning parent's death still creates childcare and household costs.

Structure matters

Nominate beneficiaries on policies outside the estate where appropriate for faster payout. Align with your will — contradictions delay dependents.

Testamentary trusts for minor children avoid cash paying into guardian hands without oversight — consult an estate planner.

Review on every life event

Marriage, birth, divorce and new bond each change the required capital. Annual review beats set-and-forget.

MyGenie links child costs to replacement capital in the Having Children and Life Partner events.

This article is illustrative and educational. It is not financial, tax, or legal advice. Figures are examples only — model your own situation in MyGenie or speak to a licensed financial adviser.