Martin Lewis urges parents to consider spending £27 every month

Martin Lewis has issued a crucial warning for parents who have children - urging them to read his beginner's guide to life insurance. The BBC Sounds and ITV star spoke out on the Money Saving Expert newsletter, discussing the benefits of sorting life insurance.

Mr Lewis said: "What'd happen to your children and/or partner financially if you died? Would there be enough to pay the bills, or would financial misery be heaped on top of the grief? My life insurance beginner's guide: save £1,000s and avoid rip-offs..."

In his weekly newsletter, the Money Saving Expert founder said: "This isn't pleasant to write, yet the bitter taste of discussing this nightmare scenario is nothing compared to the bitter impact of not having discussed it if it happens.

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"Roughly one child per school class may lose a parent before they're 16, some due to illness, others - as happened to me - more suddenly. So deep breath, let's be blunt and practical..." Mr Lewis said level term is a simple life insurance type paying a fixed amount if you die within a set time.

But how you buy level term has a big impact on cost, because commission could mean a difference of THOUSANDS, he warned. Mr Lewis said: "Yet I'm not saying everyone should just go for the cheapest. You need to get this right, and if you're unsure, advice is worth it (& usually no more costly than a non-advised comparison site anyway)."

Mr Lewis advised using execution-only brokers - for those who know what they're doing - or an advisory broker if you're unsure, have a medical condition or complex circumstances. Signing off in his guide, the founder of MSE said: "PS: I hope if you get a level-term policy it never pays out!"

Mr Lewis says a 45-year-old non-smoker would typically pay £27 a month over a £200,000 level-term insurance for 21 years.