Life insurance provides a financial safety net for your loved ones in the event of your death. It pays out a lump sum or regular payments to your beneficiaries, helping cover expenses like mortgage repayments, household bills, and funeral costs.

If you have dependents, such as a spouse, children, or other family members who rely on your income, life insurance can be crucial. It’s also beneficial if you have significant debts, like a mortgage, that would need to be paid off in your absence.

The amount of cover depends on factors like your income, outstanding debts, and the needs of your dependents. It’s important to consider the financial impact on your loved ones if you were no longer there to provide support.

The two main types are term life insurance, which covers you for a specific period, and whole life insurance, which provides coverage for your entire lifetime. Term insurance is usually more affordable, while whole life insurance guarantees a payout whenever you pass away.

Some life insurance policies offer critical illness cover as an add-on. This means you could receive a payout if you're diagnosed with a serious illness, providing financial support during treatment and recovery.

The cost of life insurance varies based on factors like your age, health, and the amount of cover you need. Generally, younger and healthier individuals can secure lower premiums. It’s advisable to compare different options to find a policy that suits your budget.