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Does anybody really need life insurance?

When discussing financial issues with our friends, we often hear the same concerns on repeat. The late gas bill, rising rents, the threat of having a phone service cut. However, the issue of life insurance payment rarely rears its head. For many, life insurance can be a morbid issue; after all, nobody enjoys the thought of their own mortality.

When we’re in our thirties, it can be all too easy to deem extra costs like life cover premiums as superfluous. Given the country’s woeful economic performance many are tightening their last belt notch and asking: ‘does anybody really need life insurance?’ The answer of course, is yes, although for some, the need is even greater than others.

Essentially, life insurance is a safety net for your family in the event of your death. When family members depend on a single income source, is it really worth taking a gamble by ignoring the net altogether? For those who are young, single and carefree with no dependants, it is understandable that, for them, life insurance may seem unnecessary. However, this mentality is one that should evolve with your own situation.

When an individual becomes one half of a couple, purchases his or her first home and has children, life insurance becomes a life essential. The majority of married couples pool their economic resources, and most families could not cope financially without their dual-income. That’s why planning for the worst could be the best thing for your family.

For working couples who own their own home, the option of mortgage payment protection can be a wise investment. Many believe that, if they have no dependants, it will not be necessary to invest in life insurance payments. However, mortgage repayments are often the greatest household costs to meet, and if your loved one falls ill, mounting debt letters will likely be the last thing on your mind.

Mortgage payment protection, as part of a life insurance plan, ensures that financial support is offered to meet these payments if one of the breadwinners is unable to work due to illness. This would allow you to protect your partner’s wellbeing, and focus on the more important aspects of life. The plus side is this plan is often available at various levels of cover, which often means you can find cheaper monthly premiums.

When your children are dependent, it is more important than ever to secure financial protection for your family. Should you pass away prematurely, adequate life cover could provide your children with access to the very best education.

Sadly, it is not just unexpected deaths which can precipitate financial woes. Should a member of the household be diagnosed with a critical illness, the loss of income can often be compounded by medical costs, creating financial strain during a very stressful time. For this reason, critical illness cover pays out a set amount in the event of a critical diagnosis, provided it is on the list of conditions covered by the company. This level of protection is extremely useful to working women, who are statistically more likely to be diagnosed with a serious illness before the age of 60 than to pass away.

The key factor that we often forget is that, when it comes to life cover, youth and good health is a distinct advantage. For example, a non-smoking woman of 30 years of age could receive over £100,000 cover with a 25-year payment plan at a premium of six Pounds per month. The more you delay the need for life insurance, the further you get from the lower-priced payment plans.

While we shouldn’t waste time mulling over morbidity, we cannot deny the fact that life cover is no luxury. After all, there is no price tag on health and happiness of one’s family.


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