People with dependants 'should have life cover'

By Marianne Straker, Fri 4 Nov 2011 - Published in Life Insurance

Those with people who are dependent on them should make sure they have suitable life insurance in place in case anything should happen to them.

Life insurance can help to cover large debts such as loans and, more importantly, mortgage payments. Should someone with dependants pass away, it is important to make sure that they can still provide a home for them.

According to LV=, life insurance for outlays such as mortgages can be set up to run just until someone turns 18, and therefore are no longer dependent on their parents.

LV= product manager Chris McNab said a policy which pays out monthly instalments can be the best way to cover dependants.

"The monthly payments are received like a monthly salary - although tax free - and often make it much simpler for families to budget than if they received a one-off lump sum payment," he added.

Unbiased.co.uk reported recently that 29 million Brits do not have a will in place to provide money for their loved ones.

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