With a number of policies and financial products being offered to us on a regular basis, it can sometimes be difficult to know what is needed and what is not. Life insurance, whilst not a legal requirement is still a highly important product and here are ten reasons why:
1. It protects more than just you – the main purpose of life insurance is to offer your family and friends a financial payment to help cope with funeral costs and other expenses. This means that the policy benefits others, making it your last gift to loves one.
2. It can ease the grieving process – following on from the above, life insurance policies can help people to grieve by removing any financial worries they may have. Without these concerns they can focus on the process of grieving, making the situation easier to cope with.
3. It will keep your finances in order – having a life insurance policy means that your finances will be kept firmly in check. This means that things like your mortgage payments may be covered in the event of your death.
4. It’s one less thing for you to worry about – following on from the above, having a policy which can cover you future financial arrangements means that you don’t have to worry about what will happen when you are no longer around.
5. It protects your children’s future – for those with children or dependents, life insurance policies can ensure that they are financially protected, giving them the best chance at a positive future.
6. It could make you life more comfortable – none of us like to think about a time when we will no longer be here but these policies can make your life more comfortable by giving you the knowledge that financial situations will be taken care of when that time comes.
7. It will help your spouse – whilst children and dependents will be protected with these policies it is important to remember the same benefit will be offered to your spouse as well. Any individual who has lost their partner will know there is a lot to organise immediately after a death and this can be hard to do when grieving. This payment could therefore remove one burden from your grieving partner, helping to protect them financially.
8. It can help pay debts – unfortunately, debts from credit cards and other such products are not cleared following your death and that means your family will be left to foot the bill. A life insurance payment could therefore be used to pay this off, meaning your family are not left out of pocket.
9. It is affordable – life insurance policies are actually fairly reasonable in price and that means that all individuals should invest in them. Of course, no-one can put a value on your life but investing in life insurance will mean that you will have peace of mind over what the future will bring.
10. It can improve your quality of life – some policies will offer early payouts to individuals who are suffering from a terminal illness, such as cancer. This means that you could benefit from an improved quality of life when you most need it, allowing you to make the most of your final moments.