Is Life Assurance Worth It?

The only person who can answer that is you, and it depends on your attitude to risk. If we are dealing with the strict definition of 'assurance', we are talking about providing a lump sum of money to your dependents when you die.

First of all you need to decide what dangers there are that might cause an early death. If you are in an ordinary office job but you are driving 20,000 miles a year, you are probably at a higher risk than someone who walks a mile or two to work and doesn't often have to leave the office. Some jobs are inherently riskier than others, such as deep-sea divers, soldiers and miners.

Secondly you should look at your dependents. If you have no partner and no children, then you are less likely to want to pay money every month for a life insurance policy. But if you do have such dependents, then it will more likely to be worth it.