Whatever your situation, one thing I’m sure you’ve noticed is that as you get older, you’re life insurance premiums get dearer. As a result of this many people either reduce their cover or cancel it, saying that now they’re older they don’t need it.

The truth is the complete opposite of this – the older you are, the more you need it, because the fact is you’re still going to die, and the worse fact is you’re closer now to that happening than you were when you originally bought your cover.  The difference is, perhaps you no longer have a need for the same amount of life cover as you did when you had a young family and a big mortgage.

You may like to talk about changing some of your life cover to a level premium structure. This means the cost no longer increases every year as you get older, which in turn means you can afford to keep it when you are older, so will still have money available when you need it most – at claim time.

I recommend you change enough cover to pay for the funeral, maybe fly kids and grand kids home from wherever they are, and of course have a party. The amount you need to keep depends on whether you want your family making sausage rolls and scones for the party, or whether you want it nicely catered and not BYO!