Facts of life insurance you need to hear...

WHEN TIMES ARE TOUGH, IT CAN FEEL LIKE A NEEDLESS EXPENSE, BUT THE RIGHT PROTECTION CAN SAVE LOVED ONES EXTRA GRIEF, SAYS ELLA WALKER

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NO ONE wants to leave their loved ones in a financial mess when they die. Yet with the rising cost of petrol and everyday bills, the cost of living isn’t getting any cheaper.

Life insurance can feel like an unnecessary expense - something to put off or easily cancel.

But, says Lorna Hopes, a financial adviser specialising in mortgages and life insurance at Smith & Pinching, it shouldn’t be overlooked.

“Don’t keep it on that to-do list,” she says. “Make sure you're looking at it, considering all your debts, what you've got, what you might want to protect, and the sooner you take it out the better, because then you've got financial security for the future.”

What are the pros of life insurance?

“Primarily, it gives out a lump sum if you pass away during the term of the policy,” explains Lorna.

“It's giving financial protection for your spouse and dependents that can be used to pay off mortgages or any large debts.

“It provides peace of mind that there’s financial protection, should the worst happen.”

Life insurance can be taken out to cover all sorts of things, even a child’s university fees.

“You don’t need to specify the reason you're taking the cover out,” says Lorna, “you just need to make sure the sum assured is sufficient for whatever purpose you need.”