When it comes to buying life insurance, you can be confronted with a massive choice of plans and providers which can prove confusing if you are unsure about what is best for your needs.

First of all, you should understand how important life insurance is, the risk it protects and what it can do for your dependants. Whether or not you use the traditional lump sum life insurance, or whether you opt for an alternative, the aim is to protect your family or dependants if you are not around to do so. The proceeds from a life insurance policy can be used to protect your financial dependants from the costs of final arrangements, bills or other types of debts that you might have such as a mortgage or loan. Your individual circumstances and needs should dictate what type and level of cover is best for you and should be considered carefully. If in any doubt take advice.

The first question to ask yourself is do you need life insurance at all? If you don’t have anyone who is financially dependant upon you chances are there is no need for you to take out a policy. A common scenario that illustrates this is where the sole owner of a property has a mortgage but no financial dependants and is offered life cover to protect the mortgage loan. However, the mortgage would be settled from the sale proceeds of the property on the owners death. So, if you have no financial dependants there may be no need for life insurance protection. As always, take professional, independent advice if you are unsure.

A little known alternative to traditional lump sum life cover is Family Income Banefit. Designed to provide a regular income instead of a lump sum, this cover is cheaper than lump sum life insurance and can offer a more manageable payout to your dependants should you die within the policy term. Even an average lump sum policy can pay out £100,000 which can prove a burden for family members left behind with little experience of managing large of amounts of money for maximum return. In contrast, a Family Income Benefit policy pays out a tax free regular monthly income for the remaining term of the policy. The proceeds can be used to pay bills, debt repayments or used to replace the income you currently provide.

Whatever you want to use a life insurance policy for, the important point is to have some cover rather than nothing at all. Many of us forget to consider the financial risk and potential hardship our family and dependants could face should the main breadwinner die whilst leaving day to day living expenses and existing debts uninsured. Buying a simple life insurance policy has never been easier or cheaper for most poeple, so take the initiative and protect your loved ones from financial uncertainty.

Pay up to 48% less for your life insurance by using Life Saver. You can compare life insurance quotes from up to 20 leading insurers all at discounted rates in one easy quotation. Instant quotes are available for term life insurance, mortgage life insurance and whole of life cover.

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