Nobody knows what the future holds, but everyone knows what and who’s important to them.

If your children, partner or other family members depend on your income to cover their living expenses and the home they live in, you should definitely consider life insurance to help provide for your loved ones in the event of your death.

You can’t rely on the government to take care of your family – the money they would get from the state is probably much lower than you’d expect.

Having savings as protection can be a good idea, as is working towards paying off whatever existing debts you may have; however having life insurance cover is so important as nobody knows exactly when they might die.

Low Cost Life insurance can be good value for money, especially when you consider that it often works out at just a few pence a day and the younger you are when you buy it, the cheaper your monthly premiums will be.

To understand what type and level of life insurance you need, it’s important to take on board your individual circumstances, like savings, mortgages and existing credit arrangements in place. As everyone’s situation is different, so is the type of protection you need and depends on your personal situation and what stage you are in life. Your age, health in general (including if you smoke) and your marital status are just a few factors that are considered when applying for cover and how much your monthly premium (payment amount) will be.

A life insurance policy will pay your dependents a lump sum or regular payments if you were to die unexpectedly. If you have a partner or children, life insurance provides you with the peace of mind that they will be able to manage financially if you were no longer around.

The amount of money paid out depends on what level of cover you purchase. You decide how it would be paid out and whether it would cover specific payments, such as rent or a mortgage.

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The 2 main types of life insurance are 'term' life insurance and 'whole-of-life' insurance.

‘Term’ life insurance policies run for a fixed period of time (known as the ‘term’ of your policy) eg. 10, 15 or 25 years - but only pay out if you were to die during the term of the policy. There’s no lump sum payable at the end of the term.

‘Whole-of-life’ insurance policies pay out regardless of when you die, as long as you keep up with your premium payments.

Most policies have exclusions for things they won’t cover, like if you die from drug or alcohol abuse, and you normally would have to pay a higher premium to be covered if you take part in high-risk sports. If you have a serious health problem when you take out the policy, you may need to take out a medically underwritten policy as your insurance may otherwise exclude any cause of death related to that illness.

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