How Much Life Insurance is Enough?

How Much is Enough Life Insurance?


  • The insurance must cover your debt
  • It must pay for your funeral
  • Life insurance should enable your family to live well for a year
  • If possible, it should allow a spouse to maintain his / her lifestyle
  • Insurance should enable your childrend to complete their education


How Much is Enough – Different Life 

Different Life offers insurance products underwritten by global insurance giant Old Mutual through their Alternative Risk Transfer (OMART) business unit. It is a financial services provider in its own right, offering a range of products you can buy online or through their call centre.


How Much is Enough – Life insurance calculator 

Calculating the amount of money you need to invest in life insurance can prove a challenge. Thankfully the folks at Different Life have decided to make it easier by providing an online life insurance calculator, How Much is Enough Life Insurancefor free. Their calculator is easy to use and will give you an indication of how much cover you can get. They base that on your current level of income. The calculator will also give you an idea of how much you will have to pay in monthly premiums towards the cover. It will, in addition to this, show you if you will be able to afford extra benefits such as disability cover and salary protection.

How Much is Enough – Information You Need

Importantly, you will need to feed the calculator with personal details to get your life insurance estimates. And the more accurate the information, the more precise the results will be. Among the information required is:

  • Age
  • Gross income
  • Marital status
  • Details of spouse if any
  • Number of children if any
  • Whether or not you have a mortgage
  • Level of education


So after giving this information and agreeing to Different Life’s terms and conditions, you will get an insurance summary. The summary will contain a list of products you qualify for, how much cover you can get with each of them and the monthly premium for each. The products are:


  1. Life cover: In the event of your death, Different Life will pay out a lump sum to your chosen beneficiaries.
  2. Disability cover: Any disability due to some misfortune and are unable to continue working, you will get a steady monthly income.
  3. Salary protection: Similar to disability cover, this product provides you a monthly net income for injury or if you are too sick to work.
  4. Critical illness cover: Here you get a lump sum of you suffer a stroke or a heart attack. You also get compensated if you’re diagnosed with cancer provided you don’t pass away within a month.


How Much is Enough – Assumptions Factored

The amount of each cover you can get and the premiums required are calculated based on a number of assumptions. Therefore Different Life fixes certain figures for your monthly expenditure and loans you may be servicing. In order to get more accurate results from the insurance calculator it is advised that you adjust the figures for these assumptions.

So after filling in the necessary details and getting the estimate of the cover you need, and the premiums it entails, Different Life gives you the option of buying the cover right away. You can proceed and order the cover online. Or you can think about it for a while and then sign up.

Next step: please complete and submit the form on this page to get a life insurance quote

All info was correct at time of publishing