7. You may already have one policy (or more)
If you’re working and you have a benefit called ‘death in service’, then you would already have some life insurance. A pay-out under this type of policy is usually worked out as a multiple of your salary. In order for your loved ones – usually named as beneficiaries – to benefit from a lump sum pay-out, you’d need to be on your company’s payroll when you pass away.
If you do have death-in-service cover, it’s up to you whether you’d need further life insurance cover. Many people do choose to seek out additional protection. After all, your family may keep paying the bills and other expenses for many years after you pass away. If you stopped working for your employer, you will no longer be covered under a death in service benefit.