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'Very risky' to live without life assurance

Skipping life assurance on the basis that the state will take care of dependants has been described as "very risky" by an industry insider.

There is some financial support from the government, such as a conditional tax-free Bereavement Payment worth £2,000, but the funds are "limited", according to Jane Baker, writing in lovemoney.com.

Life assurance is important because if there is a mortgage in place, the partner left behind will have to shoulder all the remaining debt, which can lead to the loss of the family home.

Therefore any consumers with dependants should get adequate life assurance, according to the author, who also pointed out that "there's a common misconception that life insurance usually costs an arm and a leg".

She stated that premiums are at their lowest point in seven years, adding: "If you're reasonably young and in good health, there's no reason why you can't find an affordable policy".

According to Ms Baker, it is possible for a non-smoking 35-year old man to get cover worth £200,000 for 25 years for just £15.34 a month, which is "a small price to pay for the peace of mind it'll give you and your family".

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