A life insurance plan helps protect your loved ones financially if the worst were to happen or you get ill. Your family will get a cash lump sum they can use to cover costs such as funeral expenses, debts or household bills. If you have a partner, children or any other dependents that rely on your income, then life insurance is for you. Most people will choose to take out life cover at key life moments including having a baby, getting married or nearing retirement. If you’re a homeowner or in the process of buying a home, it’s also a good idea to think about life insurance to cover your mortgage. This means that if you die before you’ve paid off your mortgage, then your family don’t need to worry about the monthly repayments.