There aren’t many of us who enjoy contemplating our demise, but what’s that saying
about death and taxes? As unpleasant as some people might find it, it pays to
plan for the future and make sure our loved ones aren’t left in the financial
lurch when we die.
So when is the right time to think about getting life insurance? It varies significantly
from case to case. Your personal circumstances are everything.
Home and Family
For young adults with no dependents and no mortgage, the financial implications of
death are far less grave, and life insurance may well be unnecessary. But the
moment you buy a flat or house or, more importantly, start a family, a policy
is well worth considering. Without you to help, would your family be able to
keep up with mortgage repayments, school fees and the countless other bills and
costs we incur in our everyday lives? If the answer is no, or if you want to
make sure your family does not have to deal with financial as well as emotional
heartache, you should act. Mortgage life insurance pays a lump sum to your
mortgage lender upon your death, alleviating that particular burden for the
loved ones you have left behind. Visit insurance sites like mortgagelifeinsurance.org.uk for more information.
Age
Without wanting to alarm anyone, we really could get hit by a bus this afternoon. That
said, obviously, the younger you are, the less likely you are to die. It is
very understandable why young adults – who will likely have less money to spend
than in the future – might dismiss life insurance as expensive and unnecessary,
even if they do own their own home and have a spouse and/or children. That’s
their decision, but there is affordable life insurance out there. Term life
insurance is the most common form of cover and requires insurers to only cover
applicants for a set period of time, which means they are prepared to offer
young and healthy people coverage from as little as a few pounds a month. Visit
www.termlifeinsurancequotes.co.uk for more information.
Health
It is not uncommon for smokers to pay more than double what a non-smoker of the
same gender and age would for term life insurance. When evaluating what risk
you pose, insurers will pay a great deal of attention to your lifestyle
including the dangers presented by your job, and you and your family’s history
of illness. While life insurance will be more expensive for people representing
a greater risk, it is also, if anything, more essential. As is critical illness
protection. Realistically, many of us will contend with illnesses such as
cancer before we die. The financial impact of paying for treatment and care,
and the loss of income you will suffer can mean your family is facing financial
difficulty before your death. Critical illness insurance sees a lump sum paid
to you once you are diagnosed with a critical illness so that you can pay for
treatment etc. Visit criticalillness.org.uk for more information.