7 Reasons Why Parents Shouldn’t Ignore the Importance of Life Insurance
1. Protection for your Home
Homeowners are often comforted by the knowledge that in the unfortunate event of their death, a life insurance policy can spare family members from financial burdens they may not be able to cope with at a time when there is also emotional turmoil.
Taking out life insurance ensures there will always be enough money to pay off your mortgage, guaranteeing your family will keep a roof over its head.
2. To Pay Off Existing Debts and Any Unplanned Expenses
Many of us have loans and debts, ranging from over-extended credit cards to car loans or home improvement loans. While there are two incomes these are a responsibility, but not a problem. However, lose one income, and very swiftly it is possible to become swamped in debt. Life insurance is your best way to guarantee that never happens.
In addition, the cost of a cremation or funeral can be extremely high, with the average cost, respectively, of £3,214.00 and £4,136.00 having increased by 80% over the past decade, according to research by the University of Bath’s Institute for Policy Research. Do you really want to leave your loved ones feeling guilty because they can’t afford to pay for a funeral they want to give you to show how much they love you?
Many people consider life insurance purely to ensure their nearest and dearest do not have to struggle financially whilst grieving. Taking out life insurance can ensure that your family don’t need to go through any unnecessary stress at an already difficult time.
3. Looking Out For Your Children When You Are Gone
Looking after family is a key driver for many life insurance purchases. Whilst money cannot replace you, the benefits of a life insurance policy means you can continue to provide for your family long after you have gone.
As parents, we always want the very best for our children, and their education is a critical part of that. Many plan to help their children when they go on to further education, or when they want to buy their first home. Saving for this takes time, and in the event of your death, all those plans could come to nothing. With a life insurance policy, you can guarantee that even in your absence, you can still play a huge part in your children’s future.
4. Long-term Financial Protection for Your Spouse
Many households rely on two incomes, if you were unable to provide this anymore would your spouse be able to cope on their own? Life insurance can help the surviving spouse to move forward without having to endure crippling financial hardship.
Taking out a life insurance policy is your way to protect your spouse at a time when they will need the most help.
5. Life Insurance Isn’t Just for One of You
Up until now we have just been talking to you and making sure that you protect your spouse and your family. However, whatever we say to you is equally applicable to your spouse. It makes a lot of sense to ensure you are both insured, and a ‘joint-life first death’ policy could be the perfect solution.
Many permanent life insurance policies can also offer you the potential to accumulate cash value. This can be used as an extra retirement income.
6. Don’t Ruin Your Partner’s Retirement
Let’s be honest, many of us don’t start thinking about retirement and pensions until is almost too late and we have to start playing ‘catch-up with increased payments to boost our pension fund. This is a dangerous game to play when you consider that the older you get, the greater your chances of dying become. A life insurance policy will ensure that your partner will be able to enjoy their retirement just as you would want them to, rather than struggle financially at a time when they don’t deserve to.
Many permanent life insurance policies can also offer you the potential to accumulate cash value. This can be used as an extra retirement income.
7. The Longer You Wait, the More it Will Cost You
It goes without saying that the older you are when you first take out a life insurance policy, the higher your initial premiums will be. Don’t keep putting off what you can do today, it could cost you a lot in the future, and not just in premiums!
Here’s How You Do It:
Step 1: Click your gender below.
Step 2: Simply click “get quote” on the next screen. You will then have direct access to LifeInsuranceFinder.co.uk, one of the UK’s leading life insurance sites.