A life insurance policy could be one of the most important investments you ever make. Here are ten of the best reasons to get a policy of your own.
1. Ensure your debts are repaid
Life insurance will give your family the financial means to repay any outstanding debts when you die. If you don’t have cover, your loved ones could be left to foot the bill.
2. Provide for your family
As Your Money Advice explains, life insurance is, “Designed to provide you with the reassurance that your dependents will be looked after if you’re no longer there to provide.” The money released from your policy when you die can go a long way towards helping your family cope financially, giving them the time and space they need to grieve properly.
3. Pay funeral costs
Funerals, and associated costs, are expensive. If you take out a life insurance policy, your family can use these funds to pay for your funeral and won’t need to dip into their own savings.
4. Secure your home
One of the most important reasons to get life insurance is that it can help to secure your home in the event of your death. The entire amount could be used to repay your mortgage or your loved ones can use the money to cover their monthly repayments.
5. Diversify investment
It’s always a good idea to put your money in diverse investments. That way, if there is an economic crash or other unforeseen financial event, your money will be better protected.
6. Protecting your business
If you own a business, life insurance is an essential investment. Your family or your business partner will be able to use the cash to keep the business afloat after you’re gone.
7. Help loved ones pay taxes
As well as funeral costs, your family may need to cover a range of other expenses, such as Inheritance Tax, when you die. If you invest in life insurance, the money released from your policy can be used to help cover the cost.
8. Replace spouse’s income
Depending on your family circumstances, your spouse may be unable to work for a period after your death. Your life insurance policy could be used to help replace their salary, giving them the financial freedom to grieve in their own time.
9. It’s affordable
Though they can pay out a significant amount in the event of your death, life insurance policies are actually very affordable. Just a small investment in a policy could provide big financial benefits just when your loved ones need it the most.
10. Peace of mind
Last, but definitely not least, one of the best reasons to get life insurance is that it will give you peace of mind. Knowing your loved ones will be looked after financially and your home will be secure after your death can be a huge relief.
To find out more about life insurance, or to learn about the various policies available, get in touch with a member of our expert team today.
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Written by: Editorial Team