'Life catches you by surprise. It always does. But there's good mixed in with the bad. It's there. You just have to recognize it.' Susan Beth Pfeffer

Yes, we know, life insurance is one of those coffin-shaped subjects we like to put to the back of our minds. Women make up nearly half the workforce, yet about half of those female workers remain uninsured. No one wants to think of, as those morbid adverts put it, “who would provide for your loved ones if something happened to you” (cue weird, sad elevator music). But we all have that niggling feeling that it’s something we should probably look in to.

On the other hand, you might not need it after all, because actually it’s not necessary for everyone. So check out our quick guide to find out whether life insurance is something you can forget about or one of those tasks you need to quickly and humanely dispatch in your next admin session.

What is it?

Life insurance is a way of paying an income or lump sum to your family if you die. You can have fixed term insurance, which lasts for a certain number of years after you take the policy out, or life-long insurance, effective for the rest of your days.

Who is it for?

People who are major breadwinners in a family group. If your income is important for paying the mortgage, school fees or general expenses, insurance could give you some peace of mind.

Who is it not for?

If you’re single, are already seriously ill or have a much richer spouse, don’t bother.

Is it pricey?

Not usually. Depending on your age and state of health, it could cost just a couple of pounds a week.

Is it only for grim-reaper related stuff?

Nope. There are other kinds of insurance too, which can help your family if you’re incapacitated but still kicking. This is often called “critical illness insurance”. There are various methods of insuring against an inability to pay off debts or your mortgage. You can even get short-term income cover for times when you’re unexpectedly out of work (but that’s just an emergency fund by another name, and as every wise Vestpod’er knows, having an emergency fund should be one of your top personal finance goals already and you probably don’t need to use an official insurance company to do it for you). And we’ve all heard about musicians and footballers getting various body parts insured for a million pounds. Basically, the insurance industry is a bit like a betting shop: if there are odds on it, they’ll probably cover it.

So next time you’re feeling like doing something grownup (for us, that’s usually to make up for doing something especially childish, like staying up til 1am Insta-stalking strangers), go online and research what’s available. There’s almost certainly an option you can afford, and it might make you sleep better at night. Unlike the late-night stalking...