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Don't gamble with your family's future

Don't gamble with your family's future

Category: Life insurance

Updated: 26/11/2012
First Published: 24/08/2010

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

People will always say that protecting their family financially is important, yet many are still gambling with their loved ones' futures.

Life insurance pays a lump sum to your family in the event of your death and is therefore the sensible option that most people with financial dependents should pursue.

However, new research from Aviva suggests that only 41% of the UK population have life insurance, usually putting off arranging cover because they think it is expensive.

Yet, compare this with a staggering 68% of people who are happy to spend their money gambling, and it seems some are playing an unnecessary lottery with their family's security.

On average, a household will spend £13.80 a month chancing their arm on bets; life insurance can be bought for as little as £5 a month.

While those people who have arranged life insurance should be applauded, it is important they do not then believe their work is done.

Regular reviews of life insurance policies need to be carried out to ensure the cover remains adequate for a person's current circumstances.

Vitally important is that a review be conducted after a major change in someone's life.

Buying or moving home; getting married or becoming a parent; changing jobs or getting divorced: these are all prime examples of when life insurance cover should be reviewed.

However, more than two thirds of people with life insurance in place never bother to re-evaluate their policy, often mistakenly assuming that their policy will be right for the rest of their life.

Besides switching life insurance cover to keep up with changes in a person's life, it's distinctly possible that the same amount of cover, or even more, will be available through another life insurance provider.

People might think they are tied to their existing life insurance provider, but this is not the case.

There's nothing to stop you comparing life insurance quotes from different providers to make sure you're getting the best life insurance deal around.

Our life insurance best seller charts list the top life insurance policies currently available on the market.

If you can't find what you are looking for in our life insurance best seller charts, a free, no obligation life insurance quote can also be obtained.

Not only will you get a life insurance quote tailored specifically to your individual needs, expert help and advice to make sure you find the best life insurance deal is on hand too.

To find out even more about life insurance, and the different types of cover that are available, our life insurance guides will provide you with all the answers and more.

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.