You may also find that life insurance is referred to as life cover or life assurance and really these are all different terms that mean the same thing.
Life insurance or assurance is a financial protection for your dependents in the event of your untimely death.
You would pay premiums to the company each month and in return for being covered for the ‘sum assured’ which is the amount that will be paid out on death.
The cost of life insurance/assurance will vary on :
1. The size of the sum assured
2. Your age and occupation
3. Gender and whether you smoke and also the term of the policy.
The application form that you need to complete will also ask certain medical questions. Pre existing medical conditions can affect the price you need to pay and insurers can refuse to insure you if you are deemed to be too high a risk.
DO YOU NEED LIFE INSURANCE
Basically, if you have dependents or a mortgage then the answer would be YES
Just take time to consider what would happen if you were to die today