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Life insurance is a type of financial protection policy that can provide your loved ones with a lump sum cash pay out if you were to pass away. This can help to cover necessary living costs and other expenses.

There are many life insurance policy options available, all catered to different circumstances and needs.

Having a policy in place can give not only yourself peace of mind, but also your loved ones that their financial future is secure and that making a claim can be a simple process.

A life insurance policy serves as an agreement for protection with your life insurance company.

You’ll pay monthly premiums to keep your cover in place, and you’ll be covered if you pass away due to accidental or natural causes.

If you pass away during the policy term, your loved ones can contact your life insurance provider to file a claim and receive the pay out to cover their needs.

Different policy types may have different terms and conditions (such as how long cover lasts), although the outcome is generally the same result - a lump sum payout.

Life insurance premiums through Reassured start from just 20p-a-day.

Although, the cost of life insurance can depend on a variety of factors including:

• Age
• Smoking status
• BMI
• Medical history
• Occupation / hobbies
• Travel
• Type of policy
• Sum assured

Insurers will calculate the cost of your monthly premiums by the level of risk you pose. For example, being a smoker can increase premium costs due to the heightened risk on your health.

The amount of life insurance you need will be down to your personal needs and circumstances.

Your sum assured will be the sum of your financial commitments, which may include:

• Remaining mortgage debt
• Loans, credit cards & any other debts
• Childcare, school or higher education costs
• Utility bills & living expenses
• Funeral costs
• Additional lump sum cash gift / inheritance

You could also factor in any existing life insurance, death in service or savings you have to reduce the amount of cover you need.

Using a life insurance calculator can provide you with an estimate cover amount to help you discover how much life insurance you may need.

Life insurance can help your loved ones cover finances in the event that you pass away. The pay out can go towards whatever your dependants wish, whether that’s covering debts like the mortgage or simply an inheritance to spend as they want.

Having a life insurance policy in place is important as it offers you peace of mind that upon your passing (during the term) a pay out will be made to help settle any debts or provide for those left behind.

Ultimately, the need for life insurance is down to your personal circumstances. Perhaps you’ve got your first mortgage with your partner and are starting a family, or your children have moved away from home and you’re looking to have some money designated to funeral costs.

Life insurance simply provides a lump sum to financially aid your loved ones in the event of your passing.

Your life insurance payout can go towards whatever your dependants wish, this includes helping to:

• Cover funeral costs
• Protect a mortgage
• Cover monthly rent payments
• Pay any outstanding debts
• Replace an income
• Fund day-to-day family living costs
• Provide an inheritance

This can relieve some stress from your loved ones, with the cost of dying being recorded at £9,658 on average and a basic funeral costing around £4,141 alone^[1].