Important reasons to consider life insurance
Life insurance. It’s one of those things that we say we’re going to arrange but often find ourselves putting off for another day. There are so many other things to consider and to get cover for in the here and now, so it’s hardly surprising that life insurance takes a backseat.
It’s not easy to think about how your family might cope once you’re gone – it’s not the most pleasant of conversations. However, the simple fact is the best life insurance policy can make all the difference to the lives of those you leave behind. And isn’t that what we all want for our loved ones? For them to be comfortable and financially secure? In this post, we’ll explore this in more detail and some other important reasons to consider a life insurance policy.
Mortgage protection
You may not be the sole breadwinner in your family, but if you were to unexpectedly pass away those you leave behind may find themselves unable to keep up with the mortgage payments on your family home, which in turn could mean losing the property altogether. This is a devastating prospect, which is why taking out a life insurance policy is essential to protecting your family members. Whether it covers the entire mortgage or is enough to support your family for years to come, it’s vital that you have this conversation with your loved ones and put some cover in place.
Funeral costs
It’s not just life insurance that people neglect to arrange. Sorting out funeral plans and the unexpected cost of a funeral service and everything that goes with it can be financially crippling for many families, especially if they’re already struggling with the cost of living. The average cost of a funeral in the UK is over £4,000, so it’s important to think ahead and prevent your family from being left in a difficult financial position.
Something for the next generation
For many individuals, taking out a life insurance policy means being able to leave a gift for those they love. Whether it’s something for their children or their grandchildren, a life insurance policy can set up your family members for life, or give them the financial foundations they need to realise their dreams of higher education, home ownership or even starting their own business. Even if you’re not around to see it, knowing that your loved ones are set for life is an incredible gift and feeling.
Peace of mind
The death of a loved one coupled with a financial crisis in the event of their passing is a reality for many families. However, taking out a life insurance policy is a simple but effective way to ensure total peace of mind, financial security and a clear path for those you leave behind. Whether the lump sum goes towards the mortgage, to help them maintain their current lifestyle, childcare, a new home or your funeral costs, you can give them everything they need to live their lives. Isn’t that worth taking out a life insurance policy? If you haven’t already start by comparing providers and see which type of cover would best suit your needs.
