Life Insurance: Pros And Cons

Life Insurance is, like any form of insurance, something that appeals more to the risk averse than the risk taker.

But the cost can be high - basically pay no money and have all the risk, or pay the fee and hope that the risk doesn't come off. And life insurance is something that very few people hope will ever actually have to apply to them but that many people have for peace of mind.

If you are just single and have no dependents then there may be less reason to get life insurance, if you have dependents and a family then it probably makes much more sense to get in in case anything happens to you.

In terms of statistics, it seems that under half the house holds in Britain actually have a life insurance policy in place.

The reason for this may partly be that properties are so expensive, and thus mortgages are larger with bigger repayments, that many people just feel too stretched to also pay the costs of a life insurance policies.

And also our demographics have changed, with more and more single households or households with no direct dependents and therefore this insurance is less important for these people.