Providing financial how much is life insurance for your loved ones is a significant investment, and you want to be sure that the policy you choose will fit within your budget. Fortunately, there are many ways to find out how much life insurance costs and what factors will influence your cost.

The most common life insurance type is term insurance, which offers coverage for a specific amount of time (usually 10 or 20 years) from the date of purchase. Typically, this type of insurance is the most affordable because it covers the period when your family will need the income most. Permanent policies, such as whole or universal life, are more expensive because they provide coverage for your entire lifetime.

Untangling Costs: How Much Does Life Insurance Really Cost in the UK

Premiums are determined by age, gender and health at the time of purchase, as well as the type of policy you select. In addition, riders—additional features and benefits—can affect your cost as well. For example, a smoker will pay more for a policy than a non-smoker.

The best way to determine how much life insurance you need is to consult with a trusted financial professional who can help you make an informed decision that will align with your budget and long-term financial goals. If you don’t have a financial professional, Guardian can connect you with one who will listen to your needs and recommend the type of life insurance that’s right for you. The most important thing is that you take the steps necessary to protect your family.