Many people in Britain don’t consider life insurance as something they need to think about until they are in their 50s, for example. Those same people view it as an unnecessary expense, and often the mere topic of life insurance is one that many people don’t really feel like talking about.
But the truth is, many people need to start thinking about organising life insurance earlier on in their lives. If you don’t think this is something you need to worry about, here are 10 reasons that will prove to you otherwise.
1. You can’t predict the future
The one thing that no-one can successfully do in life is predict the future. There is no way that anyone will be able to tell you when you are going to pass away, or how it may happen.
2. Your loved ones won’t have to worry about funeral costs
It’s common knowledge that funeral costs aren’t exactly cheap. For even the most basic of funerals, you would be looking at paying a minimum of £3,000.
3. It guarantees peace of mind
Because you don’t know what will happen in your life from one day to the next, having a life insurance policy in place will ensure that your loved ones will be looked after financially should the worst happen.
4. Joint debts will be cleared when you’re gone
Many couples have joint liability of debts like personal loans or mortgages. Life insurance cover will ensure that there will be money available to clear those debts, lessening the burden on your significant other.
5. You may need life cover when you take out a mortgage
If you ever buy a house, your mortgage company may require you to take out an appropriate life insurance policy (usually a decreasing term policy in line with the term of your mortgage).
6. It can make a lasting gift to charity
Even if you don’t have any beneficiaries for your life insurance policy, you can still making a lasting gift to a charity or group of charities that are dear to your heart.
7. It’s worth having if you’ve got a family to support
Should something happen to you suddenly, you can be sure that a life insurance policy will help to secure your family’s finance future – especially if you are the main bread winner.
8. It’s one less thing to worry about in life
Let’s face it; many people often fret or get stressed out over their financial futures. This is one less thing to worry about in life.
9. It shows you are serious about planning for the future
There seems to be some stigma attached to life insurance in that it’s something only “old” people should organise, but it’s important to arrange life cover as early as possible in your life.
10. It’s not expensive
Generally, the earlier on in life you arrange your life cover, the cheaper it will be. Life insurance only tends to be pricey if you buy it during the twilight years of your life.