Getting the right level of cover. Make sure you have enough cover. Think about covering debts such as your mortgage, and then provide a further £150,000 for every young child you have - more if you will need to pay out for school fees.

Put your policy in Trust. Under current IHT legislation, every £100,000 of life assurance is a potential £40,000 tax bill, so ask your insurer to write your policy in trust. This is a free, simple way to ensure the tax man doesn't take his slice of your loved one's money.

Shop Around. Even though you may have bought a policy for 25 years or so, premiums have been reducing so it's worth shopping around every few years to see if you can get a better deal.

Critical Illness Cover. Many critical illness insurance policies automatically include cover worth up to £20,000 for children. This is the sixth most common cause of claim, so it's a useful benefit for parents.

Terminal Illness Benefit? Look out for terminal illness benefit on life plans. This pays out the sum assured if you are diagnosed with a terminal illness and have less than 12 months to live.