Do you need cover?

If you have dependents who rely on your income, you should consider a life insurance policy to protect them financially if something happens to you.

You should consider getting life insurance if you are:

  • Getting married

  • Becoming a parent

  • Taking out a mortgage

  • Taking out a sizeable loan

If you think your family would struggle to maintain their existing lifestyle, pay the mortgage or balance work and childcare without your income, you should consider life insurance.

What cover do you need?

There are typically two main types of life cover, whole of life insurance and term life insurance:

Term life insurance

This is designed to run alongside a financial product, typically a loan or mortgage, and is there to pay off your debt should the worst happen.

Term life insurance policies run for a pre-determined period, usually until your loan or mortgage is paid of.

It can decrease in value along with your outstanding debt, or be fixed at a set value throughout, but they are usually the cheapest option.

Whole of life insurance

This is designed to run on an ongoing basis and pay out a lump sum on your death, usually to cover funeral expenses or provide financial support to family members.

You pay a fixed premium for your policy each month, and whole life insurance policies tend to be more expensive.

Check the application criteria

Many life insurance providers limit their cover to applicants of a certain age and then automatically end the cover when you reach a certain age.

If you are looking for over 50 life insurance or over 60 life insurance, this is something you will need to check when comparing the different life insurance policies on offer.

Check the end date of your policy and any limitations in the terms and conditions, and make sure you get the right cover for you.

Compare quotes

Once you know which cover you need, you can start searching for the cheapest life insurance quote that meets your needs.

While the cheapest life insurance quote may save you money in the short term, you could be paying for the wrong type of cover unless the policy suits your needs.

You can compare life insurance policies using our life insurance comparison .