Perhaps you’ve been thinking about getting life insurance, but you’ve been putting it off. You haven’t needed it yet, so how important is it, really? Here is some food for thought, with five good reasons why life insurance matters to everyone.
1. Don’t leave your major debts to your survivors
Do you have a mortgage, car loan, business loan, student loan or other major debt? If so, life insurance isn’t an option, it’s a vital part of your responsibility to those you love. It means that should you die, these major bills will be paid off and not left to your survivors to deal with.
2. You won’t be fit and healthy forever
You might be fit and healthy now. If so, that’s great. And that makes this the best time to get life assurance! Your premiums will be low and you can arrange to keep the same premium until you’re ready to retire. The earlier you start, the better. And then if you develop any health issues throughout your life, it doesn’t matter, because you already have your coverage in place!
3. Looking after your spouse and family
If you’re married, about to get married, or have a family, you need to make sure that they don’t have to worry about money should you pass away. Countless times each year, people die unexpectedly in accidents, as a result of heart attacks or strokes, or are diagnosed with a terminal illness. It’s too late then, and without insurance the survivors have even more to worry about than getting on without you. Don’t put them through that kind of pain.
4. Leave a legacy
Want to leave a legacy for your future grand children? What better way then ensuring your estate will actually have some legacy to pass on! You can elect in your will to have the proceeds of your life assurance paid directly to your estate and then use your will to divide the proceeds the way you want them handled.
5. Peace of mind
Yours that is. You can afford life insurance. It’s just a question of what kind and how much. There are a number of options available to suit almost everyone. You can also look into other ways to give yourself peace of mind, like Critical Illness insurance that pays out a lump sum upon confirmation of being diagnosed with a serious critical illness, allowing you to fulfil any dreams you have not achieved or to get your affairs in order.
You already have insurance on your car, and on your home, because you know how important it is and how devastating it would be if something happens. Make sure you apply the same valuable coverage on your life.