During these economic times of uncertainty life insurance policies may seem unnecessary.

However for those who have dependents such as a spouse, children or parents, a life insurance policy can provide the extra support of income in the long term if someone is unable to continuing earning an income.

For people who are receiving protection from another policy, such as 'death in service' cover, from an employer - which allows for the employees dependants to received four times the worker's salary, if they pass away - they will have no need to purchase a life insurance policy.

Potential customers should look into the terms and conditions of your employment to find out if there is already a scheme such as this in place. If there is and it provides adequate cover, you may not need to take out extra protection.

For those who are looking into life insurance policies, there are several protection services which provide cover for various members of the family.

Don't mind doing it for the kids

Aviva's UK Life Insurance, has brought out an offer, which will provide £10,000 of life cover for new parents, in the UK.

Research released by the life insurance provider, suggests that more than 50 per cent of parents in the UK would leave their dependent children with little or no financial protection in the event of a parent's death.

Almost 40 per cent of parents who were involved in the survey have not bought life insurance cover, while an additional 17 per cent of those polled only having sufficient life insurance cover to repay their mortgage.

Louise Colley, Head of Protection at UK Life, Aviva, said: "When a new baby arrives, this is the time for people to think about insurance needs for their new family.

"[Aviva sees the offer as] providing a real opportunity for advisers to create a dialogue with new and existing customers about family protection. The aim of which is to encourage all families to consider their financial protection needs."

"Anyone, like me, who is a parent, knows only too well that the first 12 months can be really tough, as well as incredibly rewarding. We're going the extra mile with this free cover because we believe it's absolutely essential that new parents consider how they best protect their new family."

Parental values

In addition, research that was established in 2009 has shown the yearly value that is placed on mothers and fathers. A mother value is said to be more than £32,812 a year, according to a survey by the insurer, Legal & General. The last time the survey was conducted in 2005, the value of a mum was £24,440.

Alan Ferguson, the protection marketing and channel development director said: "Mums often get the headlines when it comes to domestic work, but actually Dads contribute a huge amount too. These days, the jobs involved in running a house are far more evenly distributed.

"It's not nice to think about, but families need to ask themselves how they would cope with all the domestic work and childcare that Dad does if he suffered a critical illness or died. People shouldn't assume that extended family or the State will fill the gap."

Fathers, however received a value of £23,296 per year, according to Legal & General, this figure rising from the £12,738, dads were valued at in 2005.

Mr Ferguson concluded: "People shouldn't assume that extended family or the State will fill the gap. Protection insurance can help provide peace of mind that a family could maintain its living standards if Dad was critically ill or passed away. Given the economic backdrop, now could be a good time to consider how to protect your family against financial hardship."