These days we are bombarded with advertising about a million different products and services that we probably never need. There are however some products and services that really are important but these are often overlooked. Life insurance is one of them.
The sad fact is that everybody is going to die at some point and of course nobody can predict when it is going to happen but with life insurance at least you can be prepared and ensure that dealing with one of the most difficult times in any family’s life won’t be made worse by financial concerns.
Sometimes it’s hard to look beyond the marketing literature to see how life insurance can help so we have put together a list of 5 reasons why life insurance is so important.
1. You could lose your home
If you are the main earner in a household and your income is needed to pay the mortgage then without life insurance your loved ones may struggle to repay the mortgage without you. Thousands of homes in the UK each year are repossessed and having a life insurance policy can help to make sure that yours isn’t one of them. If you were to die unexpectedly life insurance can pay off your mortgage so your dependents and loved ones can keep your home. Protect your home today with a life insurance policy.
2. Child care costs are increasing
Recent research by Santander has highlighted the costs of raising children. Over half of parents surveyed said that the cost of raising a child has increase significantly over recent years. The research revealed that the average family spends £537(1) per month (over £6,000 per year) raising their children with child care and food the biggest monthly expenses. If you were to fall seriously ill or pass away before your children have grown up, would your family be able to cover these costs? A payout from a life insurance policy could help cover these costs so your children will be looked after no matter what happens.
3. Your children’s education could suffer
The latest Aviva School Sums Index reveals that the average cost of sending a child to state school adds up to more than £22,500(2) and educational extras could add up to a further £1,628 per year. This has grown by 11% in the last 5 years. And when you add in the recent increases in University costs of £9,000 per year setting up a life insurance plan is now more important than ever as a payout could cover all of these costs. Secure your children’s education with a life insurance policy today.
4. Your dependents could inherit your debt
Recent figures by the Office for National Statistics show that total household financial debt is £95bn(3) and over 50% of households are in debt. The Median household financial debt was over £3,000. Should the worst happen, the payout from a life insurance policy could be enough to wipe out all of your household debts and ensure that your family doesn’t have to find the money to keep paying all those household bills.
5. It’s not that expensive!
Many people understand the value of getting a life insurance policy but may not realise the costs involved. The good news is that you can get basic cover from as little as 17p(4) per day.* That’s less than £6 per month which is probably less than your mobile phone bill and many other expenses you may take for granted.
So hopefully you found the information useful. If you now want to get your life insurance arranged then at Life Cover For Less we can help you.