A life insurance policy provides money for your dependants when you die. As with any financial product, there are a number of things to consider before choosing a life insurance policy:

If your children are young, you may need more cover than if you have older children, as younger children will be dependant for a longer period of time.

Essentially, you need to think about buying enough insurance to:

• Provide an income for your family for as long as they need it.
• Clear any loans or mortgage you may have (note: you may already have mortgage protection insurance to cover your mortgage repayments).
• Ensure there is money to cover larger costs that may arise in the future, i.e. third level education costs for your children.

Do bear in mind that you may not need life insurance or you may need less cover if:

• You don’t have any dependants or your family is grown up and financially independent.
• You have sufficient death-in-service benefits through your job or pension plan.
• You have enough money or you have investments that could provide a sufficient income for your dependants to live on if you died.
• Your partner earns enough money to support themselves and any dependants.

Talk to your Financial Broker who can help you understand if you need life insurance.