Martin Lewis gave important financial advice based on his personal experience.

Life insurance is essential for parents, says Martin Lewis. It helps protect loved ones from losing income if the main earner dies. Martin knows this from experience. One in 29 children lose a parent before growing up. He was one of them.

Martin Lewis lost his mother when he was 11 years old. She died in a road accident. He has spoken about how hard it was for him and how it affected his teenage years.

Because of his experience, Martin supports a charity that helps children who have lost a parent. He talks openly about how hard it is for young people to deal with this kind of loss.

Life insurance helps fill the financial gap when someone dies. Many people do not have life insurance, which can leave their families in a difficult situation. The Financial Conduct Authority wants insurers to help close this gap.

There are different types of life insurance. Level term cover pays a fixed amount if you die within a set period. Decreasing term cover is used to pay off a mortgage.

Whole of life cover is mainly used to help with inheritance tax. Martin Lewis thinks level term life insurance is the best option for most families. It is usually the cheapest way to protect your family.

You should take out enough life insurance to replace the income that will be lost if you die. If you have no dependants, you may not need life insurance. If you have dependants, you should consider taking out a policy.

A good rule of thumb is to take out cover for 10 times the main breadwinner's income. The term should last until the children have finished their education.

Smokers and people with serious health conditions pay more for life insurance. If you have given up smoking, you may be able to get a cheaper deal.

Do not think of life insurance as a monthly cost. Think of it as a long-term investment. Every pound you save per month can add up to a lot over 20 years.

Shop around for life insurance to get the best deal. Comparison sites can charge high commissions, so it is worth checking prices directly with insurers. Writing the policy in trust can also save you money.

Couples should consider taking out two separate policies instead of one joint policy. This can provide more protection and flexibility.

The price of life insurance can be reduced in several ways. Starting a policy when you are young can save you money in the long run.

Quitting smoking can also reduce your life insurance premiums. If you have been nicotine-free for 12 months, you may be able to get a better deal.

Finally, do not assume that one insurer is always the cheapest. Compare prices across the market to find the best deal for you.