When you think about it, insurance isn’t that complicated. You pay a small sum of money every month into a fund, and it’s there to protect you and your loved ones when you need it. Home insurance, car insurance, contents insurance – it’s all there for your protection when things go wrong. House fire? Call the insurance company. Car accident? Call the insurance company. Whatever happens in life, you are always advised to call the insurance company in the very first instance to financially cover your own back.
But have you invested in your life? Growing older and having a family can really make you realise your mortality. Having a good life insurance policy doesn’t just protect you, but it protects those around you. Understanding what life insurance can do for your family can make it far easier to decide to invest in it. We’ve put together five very valid reasons you should purchase life insurance and feel secure in the knowledge that you have covered your family.
- Spousal Protection. Having life insurance can take the pressure off the costs of a funeral and your care after you pass away. It also means that your spouse is financially secure during a period of grieving after you pass away. Ideally, you will have a will and testament drawn up so that family cannot use will dispute solicitors to contest your wishes alongside the life insurance. If that does happen, the life insurance money can be used to pay for your funeral costs and any legal help required.
- Inheritance. You may not have a lot of assets – if any at all – to pass to your children. Instead, you will have left them some money to give them a secure and solid financial future. It will also mean that any mortgage payments that are left can be paid off, giving them an asset in your death that you didn’t have.
- Financial Security. Parents often panic about how they will afford the big ticket items like college and cars and weddings for their children. Additional coverage in your life insurance plan can ensure they have that security to give them the education. While it’s not ideal that you would have to die to access that money, at least you know that either way they will be covered.
- Peace. Dealing with death is hard at the best of times, but for your family the stress is taken off their shoulders if there is already funds available to them when you do pass away. The money in the life insurance policy will never replace you, but it will allow your family to keep on going after you are gone.
Life insurance may never have crossed your mind, but if you are willing to insure your car in case something should go wrong suddenly, wouldn’t you be willing to insure your life? You can search for life insurance policies today on websites like these. Don’t take your life for granted.