Have you got enough life insurance?

Having adequate life insurance in place is of utmost importance should the worst happen. Anyone who has dependants needs to be properly protected; by investing in a life insurance policy, you can help to ensure your family will be taken care of financially. As situations change you need to review your policy, but with so many options it can be confusing to know which policy is best. Here's a guide to help you decide , whatever your time of life.

. Marriage: if you're in your twenties you might think you're too young to worry about insuring your life, but the younger and healthier you are, the cheaper your policy is likely to be. Once you are married and have joint financial responsibilities, you should consider taking out cover to protect your spouse and any children

. Your first home: when you buy your first home with your partner, you should consider taking out a life insurance policy that will cover the cost of the mortgage so your partner is able to continue living in the house. Which? recommends a joint policy which will pay out when the first person dies

. Children: when you have children, Which? recommends taking out individual policies rather than a joint policy. Each of you will need different levels of cover based on your age, fitness and salary, so taking out separate policies can help you get the cheapest deal. By choosing individual policies you also help to ensure your children will be covered; with a joint policy, the surviving partner would be left without cover when the first partner dies

. Health: honesty is always the best policy when it comes to declaring your medical conditions when applying for an insurance policy. If you don't disclose an illness, you could invalidate your cover. With all life insurance policies, you can bundle the product with critical illness cover. This policy pays out if you are diagnosed with a specific condition, or are permanently disabled.

. In trust: life insurance companies usually offer the option of writing your policy "in trust" at no extra cost. This enables the proceeds of your policy to be paid quickly, without waiting for probate, and could also decrease the chances of inheritance tax liability because the payout is likely to be excluded from your estate