Life insurance is a way of helping your family cope financially when you die. It is intended to provide financial assistance to your loved ones when they are unable to rely on your salary or income any longer.

The pay-out can be used to clear the mortgage, clear debts or just cover those everyday expenses. It could even pay for your funeral if you haven’t set money aside for this

If you are single with no dependants, then life insurance is not as important for you, however it may still be worth considering.

If you have a partner or family who may struggle to cope financially if you were suddenly no longer around, then life insurance could offer the help they need at a very difficult time.

Term policies, are the most common type of life insurance, and they only pay out if you die within the ‘term stated within your policy. For example, if you take out a policy for 25 years, your family can claim if you die during this 25-year period.

However, if you die after this term then there would be no pay-out.

A cheaper alternative is a policy called decreasing term insurance, where the pay-out gradually becomes smaller over the years.

If, for example, you choose a decreasing level policy, then it is often linked to a repayment mortgage because the amount you owe the lender also decreases over time.

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