Why You Need Life Insurance
It’s worth considering life insurance if you have people who depend on you financially, such as:
- a partner who relies on your income or your contribution to the household
children or young dependents
other dependents who rely on you as a caregiver
However, if you’re asking yourself, ‘is Life Insurance necessary for a single person?’ and the person in question has absolutely nobody depending on them, then you might want to look to the future. Few single people wish to remain so forever, and although this generation is leaving marriage and kids until later and later in life, it’s still something many aspire to.
Why You Need Life Insurance- Top Reasons
Buying a new home
If you die before your mortgage is repaid, then the responsibility to complete payments falls to someone you love. Life insurance enables you to be proactive about ensuring those you care for can meet those financial commitments after you’ve gone.
If you’ve recently become engaged or married and are joining families and assets, it can make life easier to know you are both covered if one of you were to die. Life insurance enables you to make financial contributions to your partner’s well-being after you’ve departed – which is a beautiful way to honour your marriage vows.
Having a baby
The cost of raising a child is expensive, even before factoring in considerations like private education and university contributions. There are policies available that run until your child reaches maturity – and after they’re 18, it’s up to you what “maturity” means.
Planning for a funeral
According to British Seniors Funeral Report 2021, between 2016-2021 the average cost of a funeral was around £5,631. Over 50s policies as well as level and increasing term policies can be used to contribute towards funeral payments.
Contact Us – Life Insurance
Book a FREE appointment with one of our expert advisors here.
To get a quote or speak to a member of our team, please contact us today for a free impartial advice about critical illness cover.