Life insurance can be a morbid topic as it means thinking about your own death and while most of us will reach a ripe old age, for others the end could be sooner than we had planned.

It's possible to insure yourself against your death however, meaning that should you die before a certain date, those you leave behind will receive a payment.

What is life?
Life insurance is intended to help those you leave behind. If you are the main earner in your family for example, what would they live on if you weren't around? Similarly, if you were concerned about your family's ability to pay the mortgage then you could ensure that the amount paid out would be enough to take care of this.

Learning the life language
There are several types of life insurance and if you are seriously considering taking out a policy then it's worth talking it through with a specialist in the area who will be able to advise you on the sort of policy to fit your needs.

The basic types of policy are:

• Level term - guarantees that an agreed lump sum will be paid to individuals following your death within a set period of time.
• Increasing term - if you pay a little more your lump sum can be protected against inflation. With the rate of inflation currently running at 2.1 per cent, over 10 years, a lump sum of £250,000 could be worth just £197,500 in today's money.
• Renewable - should you survive to the end of your policy then you'll have an option to extend the policy into the future.

It's worth remembering that with most policies, should you survive the date the policy expires then you will not receive anything

Calculating your policy
When insurers work out how much they are going to charge to insure your life there will be a few questions in particular that they will want to ask you before they sign off a policy for you.

People with dangerous careers such as soldiers, fishermen, heli-skiing instructors and similarly risky professions will have to pay more than a receptionist or lawyer in order to reflect the risk of their being killed at work.

Similarly, if you have a taste for dangerous hobbies such as white water canoeing, cliff diving or big wave surfing then you may have to pay more.

Your family medical history will be taken into account. Should you come from a family with a history of heart disease or any other disease which could be genetic then you might find your premiums will be above average. If you are insuring your life for a large amount of money then you will probably be required to undergo a medical test.

Life is cheap
A 35-year-old non-smoking man will pay as little as £7.55 a month for £100,000 life insurance over 20 years with Marks & Spencer Money, with other firms such as Lutine Assurance, Post Office, Tesco, Egg and Friends Provident also very competitive.

For a 35-year-old non-smoking woman the price goes down to around £6.20 a month with Lutine Assurance. However, smokers will pay more on the basis that insurers reckon they're more likely to die so there's more chance they'll have to pay out.

Prices for 35-year-old smokers are around £12.58 a month for men with AAor £10.10 a month for women.

Peace of mind
If you are concerned about the financial impact your death could have on loved ones then a life insurance policy is well worth considering. Bear in mind that it could involve a significant cost over a large period of time so be sure to be well informed about any policy you sign up to.

The information in this article was kindly contributed by MoneyExpert.com, the independent UK financial services comparison website.

The article Get a life and protect your family originally appeared on 999 Today