What's the price of your life? You may have decided that life insurance (assurance) is the best way to protect your family's future. But getting the lowest possible insurance premium, taking into account the right length of term and benefit amount, is not an easy process. Premiums with life insurance quotes can vary enormously in some instances so it is worth shopping around. Do I take term or whole life insurance cover? There are two basic options when shopping for life insurance which is a term or permanent policy with term life covering you for a specific period and permanent covering you for the whole of your life. If you have short-term financial obligations such as a child's education then term life insurance is usually more than ample and can offer good coverage for the least amount of money. But if you want to create an inheritance and protect your family's future for a much longer period then a whole life insurance plan is the best option. Not all term insurance policies are the same Although all term insurance policies cover you for a certain amount of time there are different kinds. Flat-rate (or level) cover - The amount of insurance cover is fixed at the time you take the policy out Decreasing (or mortgage protection insurance) cover - The insurance cover amount decreases over the term of the policy and more often than not is designed to tie in with the outstanding amount on your repayment mortgage. Family income benefit - This provides your loved ones with a regular income not a lump sum in the event of your death. But it is worth bearing in mind that these payments only last for the period of cover. Increasing term assurance - Premiums and benefits will increase each year in line with inflation. This is usually an option for you if you want to ensure that your family can carry on in the lifestyle it has become accustomed to.

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