Find out about life insurance including information on premiums, risk and where to go for quotes.
The Money Advice Service is set up by government and offers free and impartial advice, tips and budget planners for all life’s money matters. We’re here to help you make better financial decisions.
Life insurance is something that not everybody needs to have — especially if you’re single and don’t have kids.
But if you do have a family that rely on you and your money, you might need life insurance so they can get by, pay the rent or mortgage or other bills.
If you die it means they will be given money — either in a lump sum, or in regular amounts.
It can also be great value too, especially if you’re young and fit, often only costing a few pennies a day. But don’t spend money on the parts you don’t actually need. You may be able to get life insurance with your employer, so ask about this before buying a policy.
Life insurance only pays out when someone dies so, if you can’t work due to injury or disability it won’t cover you.
If you don’t have any spare savings or benefits from your employer you might need income protection insurance to cover you if you can’t work.
For more advice on how to manage your money, check out the other videos on our website.