Where to start?

dae2022

Hi

This is my first post on the forum and I really hope you can offer me some advice on life insurance.

I am a 54-year-old married man with 4 children, 3 are living at home and aged 21,18 & 15.

Unfortunately, I don't own my own home, have no savings, and do not contribute to a workplace pension although one is available to me. I do have a small pension pot of £60k which was something I must have signed up for years ago but I honestly couldn't say when.

In my current situation, what would it be best advised to do? I am very conscious of not having a pension but even more conscious that if anything happened to me I would leave my family in a dire situation, I am also confused about life insurance and life assurance. Any help would be much appreciated. 

mgfvvc

At it's most basic you need to answer 3 questions to get a rough idea of what life assurance to buy.

1. What would your family need to survive without you?
2. For how long will you need the cover.
3. How much can you afford to spend.

If needs be you can pluck some figures out of the air at the start of the process and revise them later. Go online and get a few quotes from MSE or other comparison sites and see if it seems affordable to you.

To go beyond the basic, a good financial adviser should be able to cover other issues such as pension provision and help you come up with a financial plan. Having said that, the financial advisers I have tried haven't been much good.