The cost of life insurance depends on a number of variables: your age, general health and the amount you need. As a rough guide, a 40-year old non-smoker would need to pay around £15 a month to give themselves protection of £250,000. However, life insurance can start from as little as £7 a month.

Some groups provide discounted gym membership and various other perks. Equally, if you are in good health, it can be worth picking a provider that gives you better rates for filling in a detailed questionnaire on your medical history. As a rule, it is better to do something rather than nothing, so even if you can only afford £7 a month, at least it will give your family something to fall back on.

You can get a quote online from many of the price comparison sites in less than 10 minutes. Having kids is the prompt many of us need to take this out – have a look at our Tired Parents tribe pages for more details on this and which life insurance providers we think are any good."

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