Life insurance is designed to help your family when you’re no longer there to help. If you were to pass away suddenly would they be able to continue living at the same standard that they are now, would they be able to keep up with the mortgage repayments and bills? These are the questions that you need to ask as this is what life insurance is designed to help with.
If you take out life insurance then your family could benefit from a pay-out from your policy, should the worst happen. This money would help them with the costs of living that they could otherwise find extremely difficult.
So, is life insurance really that important? Well, that all depends on how much your family would be missing out on should you pass away. However, for the small cost each month and the large pay-out at the end it is something that is seriously worth considering.
Life insurance – sometimes called life assurance – works by you making a payment each month into a policy which insures you if you die. If you die while still paying your cover your family will receive a pay-out. The amount that your family receive will correspond to how much you pay monthly. Before your policy starts you will decide how much you would like your family to receive should you die, your monthly payment depends on the amount that you decide.
Here are three reasons that everyone should seriously consider taking out life insurance.
- Mortgages and bills: if you take out life insurance your family won’t be left struggling to pay the household bills and the mortgage; the mortgage will be paid off and they’ll have enough money to help them carry on living the life that they’re used to.
- Young, fit and healthy: if this sounds like you then you should seriously consider taking out life insurance now. When you’re young and lacking in ailments it is the best time to take out any form of insurance but as far as life insurance is concerned, you’ll pay much lower premium. It doesn’t even matter what illnesses you may gain throughout your life because you can take out policies that allow you to continue paying the same premium until the age of 65.
- Married or planning on getting married at some point in your life: if so then you should care enough about your partner – just as they should about you – that if the worst was to happen or even if, in old age, you were to die before them, you have made provisions to help them live without a struggle. How would you feel knowing that you’ve left your family behind with nothing to live from?