You may be wondering whether or not you need life insurance or whether the cover you have is sufficient for your needs.

Here are a few thoughts that you may find helpful in deciding:

• in today’s world, some of us try to ignore the fact that one day we are going to die – when that day comes, we may leave people behind us that will need to cope not only with the grief but also with any financial consequences arising;
• life insurance just may help our loved ones deal with the financial consequences that bit more easily, leaving them to concentrate on getting their lives going again;
• such insurance typically comes in several different forms, designed for the varying needs of different policy holders;
• one form of cover is called decreasing term, that means that the sums it pays out will decrease over the lifetime (the term) of your policy – this type of policy is typically associated with mortgage protection where (if you have a standard mortgage) the capital sum to be paid off decreases each year;
• another variation is offered by level term cover – as the name suggests, this will pay out the same amount at any time in the term of the policy;
• you may also typically be able to obtain what’s called whole of life cover – that is a form of policy that does not, as such, typically have a term and it will pay out a lump sum at whatever age you die;
• of course, some of these policies may seem to you to be more suitable than others, given your financial and family situation – that is why choice exists;
• it might be advisable to not only consider life insurance but also what may happen if you are taken ill and are unable to work and earn income – that is where insurance offering income protection may be useful.

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