It’s all too easy to think, 'It won't happen to me'. But of course, the one certainty in our lives is that we will die and it can happen unexpectedly. If that happened would your loved ones be left facing financial difficulty? If they rely on your income to cover their living expenses or the mortgage, then you probably do need life insurance.
For some people, life insurance may not be required. For example if you’re single, or your partner earns enough for the family to live on, including any extra childcare costs, if they were suddenly alone. However, if you’re in any doubt you should seek advice from a financial adviser.
Some people are covered by a ‘death-in-service’ policy at work. It’s a lovely extra to have. If you’re lucky enough to have an employer who provides this cover it’s still worth keeping in mind that you can’t 100% rely on it as you may not always stay in the same job.
You might also want to think about setting up a savings plan, to give you access to some cash for any unexpected emergency.