3 Reasons Why Life Insurance Is A Must Have

It’s not something we like to think about. And definitely not something we like to talk about. You have your plan for life. You believe it’s a well-balanced approach. It covers your career goals and ambitions, your health, education, finances, family and societal involvement. Then suddenly life doesn’t go as planned. Something unexpected happens.

This is where making sure you have a balance of elements in your financial plan can impact hugely on the other factors. I believe the 3 key reasons that life insurance is a must have are:

1. To protect your family and loved ones

If your loved ones depend on you for financial support, then life insurance is a no brainer. You may already have mortgage protection, which will, as it says, pay off your mortgage. But what about all those other bills and outgoings? Considering life insurance is particularly important for parents with dependant children or those who are longer term carers for a loved one. If you feel it would be difficult for your family to sustain their standard of living without your income, then you need to consider taking out life insurance.

2. To pay off debt and leave an inheritance

Your income probably does more than pay the day-to-day living expenses for your family. It covers any loans or debts you may have whether they are personal loans, credit cards or something larger like a home improvement loan. It’s hard to think about but health care and funeral debts can also mount up. Without proper life insurance, your family could be left with unexpected debts. Even if you feel your assets could cover your debts, you may wish to create an inheritance by buying a life insurance policy and naming your family as beneficiaries. This is a great way to set your children up for a solid financial future. It can provide for various monetary needs that will arise including education.

3. To provide financial security and peace of mind

You can’t be replaced. No amount of money will relieve the upset of an unexpected death. But you can alleviate financial concerns. The financial impact of an unexpected death can be different depending on your life stage and circumstances. Providing peace of mind with a life insurance plan can be invaluable. It can help provide protection for the uncertainties in life. You can be sure of it and that those you love will be taken care of when you’re gone. It can help them through a difficult time and provide ongoing support when you are no longer there.

There are a range of different life protection plans depending on your own individual position and that of your family. Each comes with different options and benefits so it can be tailored to provide not only the best value but also the best plan for your needs.

We pride ourselves on being able to match our customers with the best protection product for them. Just get in touch to discuss your financial planning and advice and we’ll help you put a plan in place.