What else should I consider?
Other issues you should consider when buying life insurance include:
Do you want critical illness cover included? For a slight increase in your premium, your life insurance could also pay out a lump sum if you are diagnosed with one of a number of specified critical illnesses. These vary by provider so be sure to check which illnesses are covered.
If both you and your spouse/partner need life cover, check if it’s cheaper to buy a joint policy rather than two policies in single names. However, do make sure it’s right for you as if one of you does pass away a joint policy will end after one pay out. And in the worst case scenario, if you were both to pass away together, again there would just be one pay-out instead of two – so make sure that this would not leave your family in a difficult position.
If you smoke, or have used any tobacco product in the last 12 months, your premium may be higher than a non-smoker, and you’ll have to let the insurance provider know or your policy will be invalid.
Do you have death-in-service cover at work, and how much is this? If you have this benefit, it could reduce the amount of life insurance you need, but remember it may not cover all of your requirements and does stop when you leave an organisation.
So if you think it might be the right time to take out a life insurance policy, why not start a quote and see how little your premium could be.