We get asked a lot about what type of life insurance policy people should be taking out. Well, it's usually down to your marital status and we have created four profiles to help you.

Single Life Cover Profile

If you're single, you may be asking why you'd need a life cover policy.

That may seem like a valid question, but it's important to ask yourself a few more…

What if you were struck down by a serious illness? How would you manage to keep up with all your financial commitments and continue living your current lifestyle?

In the short term, you may be in the fortunate position of having close family or friends to help you out, but what if this is not the case?

The long term is also worth consideration. Any serious illness usually takes some time to recover from fully and, even when you do, returning to work is still not guaranteed.

We rarely imagine such illnesses affecting us, but did you know that 1 in 10 25-40 year olds are diagnosed with cancer?

Nobody really wants to dwell on such possibilities, but it makes real sense to plan for what could happen, if only for your peace of mind.

What type of cover is most suitable for single people?

Critical illness is the most suitable and beneficial. This could also be combined with life insurance, so that it assists in meeting your ever changing needs i.e. a new partner/spouse, children etc.

Typically, a premium of as little as £13 per month could give you critical illness cover of £100,000, should serious illness strike.

The above figure is based on a 25-year-old, male non-smoker, over a term of 25 years.

Working Couples Profile

Whether married or just co-habiting the likelihood is that couples rely on each other's income to keep up with the monthly bills or enjoy some of life's luxuries.

But what happens when one of those incomes stops? Will you be able to maintain your lifestyle and keep paying all those bills yourself?

Probably not!

If the worst happens and your partner's income stops due to death or critical illness then your finances are going to be severely stretched.

In such a tragic and stressful situation do you also want the burden of financial worry hanging over you?

With the right insurance cover, you can have complete peace of mind that your finances and lifestyle are still protected should the worse happen.

What type of cover is most suitable for working couples?

A life only or combined life and critical illness plan will ensure you are both protected.

Typically, a premium of as little £7 per month could give you £200,000 of life protection. To ensure you're fully protected you could pay an additional £11 per month which will provide you with an extra £40,000 of critical illness cover.

The above figure is based on male 25 years old non smoker over a term of 25 years.

Family Life Insurance

In today's world, bringing up a family is extremely costly.

According to the annual report of LV, in 2011, the average cost of raising a child to the age of 21 has now crashed through the £200,000 barrier.

What would the repercussions be for your young family if the main income earner or the main carer were lost? Could your family meet all its financial obligations?

Losing a loved one is without doubt the most emotional and traumatic experience that anyone can go through. However the trauma can be compounded further if those who are left behind are financially ruined as a result.

The role of the parent as the primary earner or carer in any family can never be underestimated. If either of them contracted a critical illness or tragically lost their life then the effects on the family, not only emotionally but financially, would be dramatic.

The ever increasing costs of servicing a mortgage, household bills, loans, the children's education, childcare and just everyday living is now a huge financial burden on any family.

Do you want to expose your young family to all these financial burdens if the worst were to happen and you were to die or become seriously ill?

What type of cover is suitable for a family?

Life cover on each parent is the bare minimum in order to sufficiently protect the family from the financial impact of either one's death. Also, where affordable, protection against critical illness diagnosis will further ensure financial security for all.

Divorcee Life Cover Profile

Despite being divorced you may still have children who are financially dependent on you.

If you were diagnosed with a serious, life-threatening illness and were unable to work, would you be able to take care of your children who are or may be solely dependent on your income.

You could again rely on family or close friends to help you in the short term perhaps, but as with many serious illnesses, recovery can take a very long time, and even when you do recover returning to full time employment is still not guaranteed.

What type of cover is most suitable for a divorcee with dependants?

To make sure your dependants are fully protected should the worst happen then you will need a life only plan and, where affordable, some critical illness to help ensure all eventualities are covered.

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