Is it worth buying a life insurance policy?

If you're confused about what cover you need or when you should get it, SARA KEENAN speaks to the experts

- 

THE thought of passing away and leaving loved ones behind is not a pleasant one. However it is important to consider what may happen to your family and finances if you were no longer here - and that’s where life insurance comes in.

It’s a topic that many of us prefer to avoid if possible. It can be a confusing subject and forces us to face up to our own mortality, but it’s an important one to come to grips with to ensure your peace of mind.

We've spoken with finance experts to find out what exactly life insurance is, when should people get it, and the big question - is it really worth it?

What is life insurance?

“Life insurance is a financial product that gives your family or loved ones a cash pay-out if you die while covered,” says Ian Cooper, commercial director and product expert at SunLife.

“Life insurance broadly comes into two main types,” explains Chris Ball, managing director partner at independent financial advisors Hoxton Wealth. “There is term life insurance and whole-of-life insurance.”