Life insurance is something that not everybody needs to have, especially if
you’re single and don’t have kids. But if you do have a family that rely on
you and your money you might need life insurance so they
can get by, pay the rent or mortgage, and other bills if you die. It means they
will be given money either in a lump sum or in regular amounts. It can also be great value too, especially if you’re young and fit, often
only costing a few pennies a day. But don’t spend money on the parts you don’t actually need. You may be able to get life insurance
with your employer, so ask about this before buying a policy.
Life insurance only pays out when someone dies, so if you can’t work due to injury or disability it won’t cover you. If you don’t have any
spare savings of benefits from your employer, you might need income protection
insurance to cover you if you can’t work. For more advice on managing your money
check out the other videos on our website.