When interest rates rise, as they recently have, we tend to focus on immediate issues like how we will meet the increase in our monthly mortgage repayments.

Finding the extra cash is never easy but with alarming amounts of household debt, a rate rise brings us to wonder how our families would cope financially if they were to lose the main financial provider.

Most people don't question the need to insure their assets and will not hesitate to take out insurance on homes, vehicles and valuable possessions.

Considered less important by many people is personal insurance including life cover.

No one wants to think of dying and leaving loved ones behind but it pays to be prepared.

Life insurance is a product designed for anyone with a family or dependent relatives.

If you die and your life is insured, your beneficiaries receive a lump sum, tax-free pay-out.

The money can be used for any purpose including paying off debts, or investing to generate an income.

The premiums you can expect to pay for life insurance will vary depending on your age, sex, whether or not you are a smoker and your occupation. Life insurance companies weigh all of these factors to determine your higher or lower risk of dying.

As with any insurance product it pays to shop around do note though, many insurers these days require you to have a medical examination and possibly blood tests, before determining your yearly premium.