Is two years income enough for serious illness cover?

[KFB123]

What is the amount of serious illness that one should have in place if they have a number of commitments? Is it enough to cover 2 years of outgoings or am I off the mark?
Is there a guideline that people go by?

 

[LDFerguson]

Re: Serious Illness

Rules of thumb in this situiation are not terribly useful. Two years' income might be sufficient for you but completely inadequate for me, or vice versa.

A better approach is to sit down, make a list of your various commitments, and then work out how you would manage them if you were unable to work. A good start is to have all loans cleared in the event of a serious illness.

Have you looked into Income Protection, which can pay a valid claim and thus continue paying you an income right up to retirement age?