7 Reasons To Explore Getting Life Insurance
Life insurance is one of those things that many people put off with many excuses such as how they'll get it later in life. In reality, there are many reasons that you should get life cover as it's a wonderful way to protect your loved ones.
While it becomes more important as you gain a family and control over more assets, it can be a safety net for everyone to have. Once you have it locked into place, you can breathe easier knowing that everyone will be financially okay once you're gone. Here we look at 7 great reasons why you should buy life insurance.
1. To Pay Final Expenses
It's well known that the cost of a funeral can be a huge burden for a family following death. Trying to find thousands of pounds will only add to the stress and pain. Insurance can immediately lift such worries.
Instead of worrying about how much it will cost, proper cover can allow your family to plan the perfect funeral rather than feeling guilty about not being able to afford the funeral they want. It helps to prevent a huge financial burden.
2. To Cover Children's Expenses
All parents want to be able to pay everything for their children. Whether this is their first car, university fees, wedding or a deposit on their home. You may feel a sense of dread that you may not be able to financially support them should you pass away.
One of the best reasons to get life insurance is to give them that financial aid and ensure they are taken care of. This will give them the best chance of achieving their life goals.
3. To Replace the Spouse's Income
Your household is most likely going to be at least co-dependent on your income. Without this, bills could soon go unpaid and that will bring about a whole world of financial stress.
While life insurance can't replace the benefits of a monthly income forever, it can help to bridge the gap until your family can become accustomed to their new way of life. A comprehensive policy can give them the time and space they need.
4. Pay-as-you go
The new 'pay-as-you-go' method from UK insurer Bequest is perfect for those who are hesitant about the traditional workings of life insurance. This is much more adaptive to your circumstances and allows you to stay in full control.
Being able to amend your policy on the go, pause it or even cancel it helps to give you a lot more comfort that you're getting a policy that fits your needs. It makes buying life insurance easier than ever, which is the perfect reason to get involved.
5. To Pay Off Debts
It's a common and sometimes dangerous myth that debts die with a person. If they are joint then the other person becomes liable for the debt and if they are in someone's sole name, this will come out of the estate that they leave behind.
A mortgage is the greatest example of this as the high monthly payments can quickly become unpayable on a single income. Life insurance can pay off these debts and dramatically reduce the monthly outgoings, making things a lot easier.
6. To Buy a Business Partner's Shares
If you have a business partnership and you don't have life insurance, this can often mean that the company has to be sold if one of you dies. You often need cash to buy their interest and pay the obligations of the company.
You need to be able to protect yourself in the event of a worst-case scenario.
7. To Pay Off Inheritance Tax and other Death duties
For those who have had to deal with a death, you'll know the sheer amount of admin that goes into it. Sometimes the costs go well beyond paying for just the funeral.
Often inheritance tax would have to be paid and there are other death duties too. Having dependable cover simply makes their life a lot easier at a time then life has just become a whole lot harder.
Death is one of the certainties in life and it will come to us all. It makes perfect sense to keep your loved ones financially protected should anything happen to you. That being said, it's always important to get a policy that works for you and your situation.
Once you have it locked into place, you'll feel as though a weight has been lifted from your shoulders. Whether it is paying for a funeral, mortgage or even your children's education, there are many great reasons to get life insurance.
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