If you’ve been told by someone close to you that you should consider getting life insurance, you may or may not have given it the priority it deserves. This might be because you think you’re too young to have to consider it or you’re too busy to sort it out, but we’re here to tell you that having suitable life cover in place is crucial and for a number of reasons.
In this blog, we look at why life insurance is so important if you have a partner, children or other dependents who would otherwise be financially disadvantaged if you were to pass away. That said, the following reasons are just as compelling if you’re single too.
So, without further hyperbole, let’s dig into those reasons!
Reason #1 – Protecting Your Nearest & Dearest
Perhaps the most crucial reason to have life insurance in place is to protect the interests of those you leave behind. Whether you’re talking about your spouse, your children or another family loved one who would be in financial trouble if you passed away, having a suitable policy in place ensures that they don’t have to deal with money worries at a time that’s usually intensely emotional.
Reason #2 – Leaving Behind an Inheritance
Want to leave behind an inheritance that will give your children a head-start in life? Then life insurance is a great way to do so, as it can be arranged to either pay out a regular monthly income or a large lump sum. In either case, the beneficiary is afforded much more scope for living a much more relaxed and comfortable life. Who wouldn’t want to leave that behind for their loved ones?
Reason #3 – To Pay Off Debts
What you absolutely don’t want to do is leave behind a load of debt that had nothing to do with your kids. Your dependents will inherit your debts and everything else that goes with them if you don’t put something in place, as your creditors will pursue them for it. Life insurance can be used to pay these debts off too so that your loved ones don’t have the stress it involves.
Reason #4 – To Give You Peace of Mind
When you reach a certain age, it’s the fear of what will happen to your loved ones that can become more worrying than actually dying! Life insurance offers the very real peace of mind that comes along with knowing that your kids and your spouse will be well taken care of in your absence and for that reason alone, it’s worth its weight in gold. It’s the kind of peace of mind that allows you to live your life to the fullest knowing that things will be ok, whatever happens.
Reason #5 – To Cover Any Final Expenses that Arise
The average cost of a funeral currently sits at just under £5,000 and it’s a figure that’s rising all of the time. Sure, you can sign up to a funeral plan if you want to get the best possible value, but life insurance also represents another way to ensure that all expenses of this nature are covered. A much more favourable scenario than leaving your relatives to pay for it at a time when it’s the last thing they want to be thinking about.
Protect Your Family’s Future – Get a Good Life Insurance Policy!
There’s no getting around the fact that those who have life insurance in place when they die, leave behind a very different scenario than those who don’t. Rather than being left to fend for themselves financially, life insurance helps your loved ones to continue their lives as normally as they possibly can. Of course, it’s your prerogative, but if you want peace of mind, we’d recommend getting it sorted sooner rather than later.
At Be Money Savvy, we offer confusion-free advice about all of your insurance needs, whether talking about life cover or insurance for your home. If you’d like to know more about what we do, head to our website www.bemoneysavvy.co.uk and take a look around. Alternatively, if you would like to speak to us about your precise needs, call us on 0161 827 4626 where our friendly experts are waiting to help in any way they can.