Term life insurance

If you're thinking about buying life insurance, you've probably started to assess what financial situation you'd leave your loved ones in should you no longer be around.

It's always a good idea to take stock of your financial situation, even if there's no specific reason to do so. The amount of money you leave loved ones will significantly impact their lives and may help when deciding on important life choices, such as whether they could stay in the same school or continue to live in the house they're used to.

Consider the amount of money you're likely to leave and compare it to the ongoing cost of living that'll continue after you've gone. Check your employer's death-in-service policy to see how much it would leave your loved ones and factor in any savings, investments and saleable assets you may have.

Compare that to your financial obligations, such as mortgage repayments, day-to-day living expenses and contracts. Try to be as thorough as possible, as even things like insuring, taxing, servicing and running a car can potentially cost thousands of pounds.

You may discover your loved one's ability to finance life as they know it would change dramatically without your income, even if you're well-off. If you find yourself in this position, buying life insurance may become a serious consideration.

Term life cover, critical illness and terminal illness

Insurers differ in how they cover critical and terminal illnesses. Post Office Life Insurance offers protection against terminal illness as standard. Critical Illness Cover and Children's Cover can be purchased as an add-on, providing extra cover if you or an insured child are diagnosed with a critical illness that meets our definitions.

Critical illnesses are defined very specifically by each insurer, and while they're broadly the same, they might have important differences. Read the definition of a critical illness in our terms and conditions for more information.