It’s suitable for you if you have:
- dependants, such as school-age children
- a partner who relies on your income, or
- a family living in a house with a mortgage that you pay – a life insurance policy can provide for them if you die.
You might also want a policy that covers your funeral expenses.
You don’t need it if:
- you’re single
- your partner earns enough for your family to live on
- you’re on a low income and could qualify for State benefits.
Check if you already have it through your work. Employee packages often include ‘death in service benefits’ that will provide an amount of cover that’s linked to your salary.
Depending on how much it’s worth, you might not need an extra life insurance policy. But remember that if you stop working for that employer, you’ll no longer be covered under their policy.
You might also need to think about whether receiving a payout will affect any means-tested benefits your dependants might otherwise qualify for.