Once you've decided what you need from your cover and for how much, the next stage is to choose what type of cover you need.
The first thing to know if you're considering protecting your family and lifestyle with a life insurance policy is the type of cover that will suit your needs depends entirely on your personal circumstances.
The types of policy used for providing protection for your family are usually term life insurance, family income benefit and whole of life insurance plans.
Term life insurance is a standard form of life insurance used for providing a lump sum in the event the life-insured dies prematurely.
If you intend to provide a replacement for lost income then Family Income Benefit could be a more suitable alternative. Rather than simply providing you with lump sum this pays a regular income amount to help replace the loss of a loved ones wages.
If you looking at a life insurance policy as a way of covering a variety of needs then a whole of life insurance may be suitable for you. As always there are a variety of variations on the main theme, but as the title suggests this kind of policy would run through until your passing away.
As we've already suggested, once you've decided what you need the cover for, the next stage is to decide how much you need. You can then seriously start considering the options available to you.
The amount you require will depend on your personal circumstances and how much you would want to be available to your family.
