Quite often you hear 'it could never happen to me' or 'I'll sort it out later'. Well the old maxim of "failing to plan is planning to fail" is no better suited to the ignoring of crucial decisions on protection.

There are a varied range of Life Assurance policies that cater to different needs and circumstances. These policies protect your family from the financial implications of a personal tragedy and is particularly important if you have young children or dependents.

In most cases, a term policy assurance (either Decreasing or Level term) is usually the cheapest way to insure your life. It covers you for a fixed period and pays out a one-off lump sum if you die during the policy term. It can be used to cover a mortgage or other large loan, ensuring that your family is protected from the effects of having to repay a debt after the main breadwinner has passed away.

Decreasing Term - A life assurance policy where the amount of money you have insured your life for reduces steadily every year in line with your mortgage to the end of the term, but with the monthly premium remaining the same.

Level Term - A life assurance policy where your life cover stays the same over the selected term and your premiums are fixed unless it is reviewed. As such, reviewable policies tend to be cheaper to buy.