Why life insurance is for everyone
Life insurance can be a crucial safety net for people at all life stages, but fewer than four in ten currently have a policy in place in the UK1. If you are one of the 63% without life insurance, have you considered whether your loved ones would cope financially should the worst happen to you?
Come what may
Thinking about the world you’ll leave behind can be an uncomfortable topic. But it is worth it to know that your loved ones will be well looked after once you are no longer around.
Life insurance is a commitment to the future.
Making a monthly payment for something you will never see the fruit of requires long-term thinking. With life insurance, you have the certainty that you are putting in place a solid support system that your loved ones will be able to count on in challenging times.
Peace of mind
Life insurance is a choice that brings you peace of mind and ensures your loved ones' lifestyle and aspirations remain unaffected by money worries. So, why are so many choosing not to be covered?
For some, there is a misconception that life insurance does not provide good value for money. Of those that do not hold a life insurance policy, 35% believe that policies are too expensive. In fact, life insurance policies can start from a few pounds a month.
With incomes squeezed for many, others are trying to make savings; indeed, some think that stopping life insurance is an easy way to cut down on monthly outgoings. Yet, the consequences of giving up a policy in the long term far outweigh the savings in the short term.
More than a lump sum
While every type of insurance has its place and offers important protection, life insurance is unique in providing certainty for your loved ones once you are no longer here.
It is crucial to consider that life insurance offers more than the financial lump sum your loved ones receive upon your death. It means your final days won’t be spent worrying about your family’s finances and allows you to focus on living your life as you wish.
Start sooner to pay less
With a term life insurance policy, you’ll have peace of mind that your loved ones will have the money they need to get by if the worst happens. This may seem like a long-term prospect, especially for some younger people, but we all know that life can be unpredictable.
Moreover, if the price tag has been putting you off, it is important to remember that the sooner you start your cover, the cheaper your monthly payments tend to be.
As with all insurance policies, conditions and exclusions will apply.
1Direct Line, 2022