I’m in my early 60s and am considering taking out life insurance for the first time. The main reason is that I’d like to leave something for my two children and also put something aside towards funeral costs. Is it too late to start? What’s my best option?

 Answer: Paul Walsh, CEO, Peopl Insurance

It’s never too late to make prudent financial decisions and life insurance is one of the most trusted ways to provide for loved ones after you have passed.

One option worth considering is term life insurance, which will cover you whether you want to leave cash benefits for your family or ensure your end-of-life expenses are covered. A term insurance policy covers you for a fixed number of years i.e., a term, and pays a lump sum on death before that specified future date.

Consider your current financial responsibilities and basic expenses and identify what you can afford to put away. It’s also worth thinking about your families’ future financial needs and how you hope to support these, or indeed the costs involved in a funeral. Considering this will help you work out how much cover you need and how long you might need it for. The higher the level of cover and the longer the term, the greater the cost. Ideally, look for a plan with a long term. It’s worth enlisting the help of a good broker or financial expert to help you find the best product for your appropriate level of cover.