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Life insurance pays a tax-free lump sum to the people you nominate if you die during the term of the policy. Unlike mortgage protection, the cover amount stays level rather than falling away, and the money is not tied to any particular debt. Your family can use it to replace lost income, clear borrowings, cover childcare or simply keep the household running.

There is no single right answer, but the usual starting point is the outstanding mortgage, any other debts, and enough to replace your income for the years your family would need it. A common rule of thumb is ten times annual income, though that is a rough guide rather than a calculation. An adviser will work through your actual outgoings with you.

Less than most people expect. Premiums depend on your age, the amount and term of cover, whether you smoke, and your health.

[Indicative premium examples to be confirmed — include the date they were checked.] Figures are indicative only and subject to underwriting. The younger you are when you take cover out, the lower the premium, and it is fixed for the full term.

The lump sum itself is not subject to income tax. It can, however, fall within Capital Acquisitions Tax depending on who receives it and what else they have inherited. Payments between spouses and civil partners are exempt. Where a policy is written for a child or another beneficiary, the CAT thresholds apply and the policy can be set up to take account of that — worth raising on the call.

Mortgage protection is designed to clear your mortgage, and the cover decreases as the balance falls. Life insurance pays a fixed lump sum to your family regardless of any mortgage. Many households have both — one keeps the roof over their heads, the other replaces lost income.

In most cases, yes. A pre-existing condition does not automatically prevent you getting life insurance. Insurers assess medical risk differently, and we know which providers tend to be most favourable for particular conditions.

Yes, considerably — smoker rates are typically around double. Insurers count vapes, nicotine replacement and any tobacco use in the last twelve months. If you have been clear of nicotine for twelve months or more you can usually be reassessed at non-smoker rates, which is often reason enough to review an existing policy.

A joint policy covers both of you but pays out only once, on the first death, leaving the survivor without cover. Two single policies pay out independently and give better long-term protection, though they can cost slightly more. An adviser will help you weigh it up.

Often, yes. Rates have moved, and if you have stopped smoking, your health has improved, or your circumstances have changed since you took the policy out, there may be a better option. A few points to weigh: you will be underwritten again, your age will have increased since you first applied, and you should never cancel existing cover until the new policy is issued and in force.

It depends on the insurer and on whether any medical evidence is needed. Straightforward cases can often be issued quickly; applications that need a GP report or a medical take longer. Tell your adviser on the call if you are working to a deadline.