Did you know: that only about 35% of UK adults have life insurance, despite its importance in providing for their families?

Often the first time someone will take out life insurance is when they take on a mortgage.  Bear in mind this is more to protect the lender than the individual!

The other significant life stage that many people consider life cover is when they start a family, to protect the future of their children should they die.  There are several factors to take into account when deciding what level of cover to buy, including how long children are likely to be dependent, the level of income that would be lost on the individual’s death, and whether their partner has an income which would provide for the family (assuming that they would be able to carry on working if they were the sole parent).  Existing debts and liabilities and future potential costs such as university fees should also be taken into account.

With the Budget pushing inheritance tax into the spotlight, it is also worth thinking about life insurance as a way of protecting your family from a big tax bill should you die.

Life insurance generally costs less than most people think, and should be part of financial planning for far more than the third of the population who currently have it.