It's the last thing you want to think about, but what will happen if you or your partner passes away? Will they or you cope financially? Can outstanding family debts be repaid so income doesn't need to be diverted? Can the children be brought up and educated the way you both wanted?
With several options available, you can take cover for a specific term (term assurance) or for the whole of your life (whole-of-life cover); on a single life or both, payable on the first or second death; in increasing, decreasing, or level structures, offered as a lump sum or as an income; and in renewable or convertible plans. Most importantly, your cover can be put into a trust to ensure prompt and full payout, free from the taxman’s take.