While most of us tend to put off thinking about life insurance it is important that you make sure loved ones will be left financially secure in the event of your death and the solution could be a whole life insurance policy.

However, with so many different types of life assurance and life insurance, it is no wonder that people get confused as to what life insurance is and what the different types mean. Simply speaking, life insurance pays out a lump sum upon your death which will help your family continue to pay the bills and have a roof over their head.

And if you are still not convinced about life insurance, digest the following - if you have a mortgage or rent to pay, a spouse or a partner and/ or dependants, then how would they cope if they suddenly did not have your salary to pay your bills? Would they be able to afford to keep a roof over their heads or carry on living the same lifestyle without your wage? And, most importantly, would you want them to have financial difficulty added to their grief?

A life insurance or life assurance - policy is the solution to this and can offer peace of mind that your financial affairs are in order in the event of your death.

A Whole Life Insurance Policy is exactly what it says you are insured for the whole of your life with the total sum assured being payable upon your death. There are various versions of Whole Life Policies - for example, some offer a With Profits option where your dependants get the guaranteed sum insured upon your death plus bonuses.

With a term life insurance policy you are insured for a set period of and if you die during the policy term, the insurer will pay out a lump sum. However, should you survive the policy term, the policy has no value whatsoever - it cannot be cashed in, nor can a claim cant be made after the end of the policy term.

It is always a good idea to investigate the different types of life insurance available to ensure you get the level of cover you need.