When was the last time you reviewed your life insurance? Millions of Brits have insufficient life insurance meaning their families could face a financial struggle in the event of their death.

And, even if you do have life insurance, you should regularly compare the costs to make sure you’re getting the best deal. A leading broker found in 2009 that UK life insurance premiums had reduced by 30 per cent in the previous decade so you could well be paying too much for your cover.

So, how do you compare life assurance?

Determine the type of UK life insurance needed

Firstly, it is important that you establish exactly what sort of life insurance you need. Do you need a specific amount of cover for a certain period of time? Do you need to ensure that your mortgage and other debts are repaid? Or, do you need to leave a lump sum to your spouse or partner?

There are various different type of life insurance. For example, decreasing term assurance will help you if you have a repayment mortgage or Inheritance Tax liability. However, if you have an ‘interest only’ home loan or need a fixed amount of life cover than a level term assurance policy may be better.

Work out exactly what type of UK life insurance you need and how much cover you require.

Shop around to obtain life insurance quotes

Once you know what type of life insurance you need, you can then start to compare life assurance from a number of leading providers. It is possible to get life insurance quotes through an independent financial advisor or, alternatively, you could head online to compare costs.

The costs of life cover have fallen over recent years and so you may find that life insurance quotes are lower than you think. And, as with many other insurance products, only by doing your homework will you be able to ensure you’re getting the very best deal.