Life insurance seems to be an almost automatic choice for many people, while others never give it a second thought. Neither of those approaches is ideal, however. Instead, you need to give this kind of cover careful consideration if you are to determine whether it is for you.

The biggest question you have to ask is "who would my death affect financially?" As much as we might like to believe we will live to a ripe old age, any one of us could suffer an accidental death, or be diagnosed with a terminal illness, at any time. If that happened to you, would it mean leaving substantial debts for your family? Would it mean leaving that family without an income? If so, then you need to consider getting life insurance.

There are two issues there to consider. Firstly, do you have a partner, children or other dependents who will need to be provided for in the event of your death? While we'd probably like to hope that they'll be able to cope in those circumstances, if you are the main source of income for the household, then you need to provide for the possibility that you might not be around any more. That means taking out enough life insurance to cover your salary for a reasonable period after your death, allowing your family to get back on its feet.

Secondly, what debts will you leave? Most people immediately think of their smaller debts here, and forget the important one- their mortgage. If you want to be certain that your family will be secure in their home without you, then it can be worth taking out cover aimed specifically at paying off that mortgage.

So should you get cover? If you don't have dependents or debts, then life insurance might not be for you. If you do though, it can provide peace of mind that your family will be well provided for after you're gone.

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