Life insurance cover – who needs it?

Fill in your details

Tell us how much protection you need

Compare the market in seconds

If you talk to most brokers who offer life insurance cover and asked them ‘do I need this?’ the answer would almost certainly be ‘yes’ – regardless of you circumstances. However, that’s not the truth – the truth is – that while life insurance cove is a great idea for a good many people, it’s not for everyone.

Life insurance cover – the simple question

Perhaps the single simplest qualifying question when thinking about getting life insurance cover is – ‘do you have a family, or anyone else who is dependent on your income – that would suffer financially if you were to die?’ if the answer to that question is ‘no’ then chances are you do not need life insurance cover.

If you answered yes then chances are that taking out life insurance cover will be a good idea.

You may still want life insurance cover

However, even if you do answer ‘no’ to the above question you may still want to take out cover. It could be that you are a particularly generous individual and wish to leave a sum of money to a friend or a charity.

Or perhaps you are not the ‘breadwinner’ in your family; hence your death will not negatively affect their situation financially. But you would still like leave something for your family should the worst happen.

Whatever you’re rational for taking out life insurance cover, your next question will be, ‘how much do I need?’ If you are being charitable, or taking out a policy to ease the stress put on your family in the event of your death, then the amount of life insurance cover you take out is largely up to you. If you are taking out a policy to ensure your families financial security should you die, it would be wise to consult a financial adviser.