Generally speaking, those who are single, do not have a mortgage and do not have any children or dependents are unlikely to need life insurance.
For most people, life circumstances change over time and it is then that the need for insurance cover emerges.
Life insurance is designed to leave your family with an income that will enable them to pay off immediate debts and live comfortably if you die prematurely.
Although few want to dwell on this, statistically almost 1 child in 20 will lose a parent before they have left full-time education. This is why, if you have dependents, it is advisable to take out a quote for life insurance sooner rather than later.
Seeking a quote from a company like http://endsleigh.co.uk firstly involves looking at the level of financial cover you would need to both pay off any outstanding debts (such as a large loan, mortgage, or car purchase).
Then, you would need to look at the kind of amount that might be needed in addition to support any dependents in the event of your death.
If you have significant savings or have a generous â€˜death in serviceâ€™ benefit from your employer, then the amount of cover you need can be adjusted accordingly. This will help you decide the level of cover you wish to purchase, which is one of the factors that will affect the amount you are quoted.
Other factors include age, health and lifestyle. If you are a smoker, you will pay a higher premium than a non-smoker, for example.
The younger and healthier you are the lower your quote is likely to be, which can be important. Some policies also offer a decreasing premiums option, meaning that as time goes on, the amount payable reduces. This can be very useful as your family grows and matures, releasing cash while still maintaining cover.