Life insurance

Life insurance provides financial security for your dependants, such as children or a non-earning spouse. If you don’t have dependants, you may not require life cover.

To ensure you get the right amount of cover, you should seek independent advice. SPF can assess what cover your family needs and compare what is available to find the right life insurance for your circumstances.

The two main types of life insurance are term insurance or assurance, and whole-of-life. Term assurance pays out if you die within a certain period, whereas whole-of-life insurance provides cover for the whole of your life, paying a fixed sum of money when the policyholder dies.

Even if you think you already have adequate cover, it is worth checking on a regular basis whether this is the case. If you have more children or grow wealthier, you may have inadequate cover. Or if you simply arranged your policy some years ago, you may now find that you are paying more than you need to for the same level of cover.