Lets face it – the inevitable will happen, we won’t live forever. Life insurance is one of the best ways to prepare for the worst; if you were to pass away unexpectedly the loved ones you leave behind would still need taking care of. Don’t leave their futures to chance. Here are 6 reasons why life insurance is a necessity:
1. Avoid your home being repossessed
If your mortgage relies on your income then you cannot afford to be without life insurance. If you were to die unexpectedly and your family could not meet the repayments, the home you have worked hard for would be lost and your family left vulnerable. Protecting it with life insurance could ensure that your mortgage debt is paid after you are gone.
2. Cover child care costs
Raising a child to 21 years of age has overwhelmingly soared. If you were to pass away before your children have grown up, who could foot that bill? A payout from your life insurance policy could pay for the childcare your children may need – a small investment to make if you consider nothing is more important than their protections.
3. Secure a good education for your children
Understandably, you want your children to have the best opportunities in life. As university education fees in the UK have now reached a record-high of up to £9,000 per year, setting up a life insurance plan has never been so important. A payout could meet the costs to support your children’s future learning and careers.
4. Safeguard your loved ones from inheriting your debts
A life insurance payout could write off your debts and ensure future bills are met. This means your loved ones wouldn’t be at risk of being chased by your creditors for the money you owe.
5. Ensure funeral costs are covered
Life insurance covers funeral costs to relieve the weight of such a huge financial burden on your loved ones at, what would already be, an incredibly stressful time for them.
6. It’s more affordable than you think!
For example, subject to underwriting, life insurance over a 20 year term for £500,000 on a joint life basis for a 30 year old non smoking couple, could cost as little as around £36 per month (source Assureweb 17/07/2013).
If you would like a non obligatory review of your protection requirements, please call Sibbalds Financial Services on 01332 242257 or email us at email@example.com.
*Image sourced from sufw.