Why should I take out life insurance?
Summary: Everyone has their own reasons for taking out life insurance, but typically it is because they have someone who would be financially impacted by their death, such as a partner or children.
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Why should I take out life insurance?
Everyone has their own reasons for taking out life insurance, but typically it is because they have someone who would be financially impacted by their death, such as a partner or children.
There’s no right or wrong time to get life cover, but even young adults could benefit from the peace of mind and financial security it provides. Some people consider taking out life insurance during key moments in life, such as buying a house, getting married or having children.
You might want to consider taking out life insurance to:
Protect Your Home: Paying for your home is often the biggest debt in your life. Life insurance may help to pay off your mortgage or cover your rent, to help your family keep their home if you died.
Cover funeral costs: Upon your death, your family will be left with unexpected expenses such as funeral costs, life insurance can cover these costs and provide your loved one’s peace of mind.
Debts: If you have any debt or joint loans that your family would need to cover if you died, they could be paid off with your life insurance.
Bills and essentials: If your family would struggle to pay the bills without your income, life insurance may protect your loved ones and ensure the essential expenses are covered.
Do I need life insurance if I’m single with no dependents?
Taking out life insurance is often associated with protecting your family, making sure they’re taken care of in the event of your death.
But some cover is better than no cover. Even if you’re single and have no dependents, there may be instances where getting covered might help:
Funeral expenses: The cost of a fitting memorial can quickly stack up. Life insurance leaves a lump sum which can ease that financial burden on your loved ones.
Lower premiums: Getting cover while you’re younger and in relatively good health could mean you pay less in monthly premiums.
Critical illness cover: Additional products like critical illness cover pay out if you’re diagnosed with one of our listed critical illnesses to help support you financially if you are no longer able to work or need to payout for things like medical bills.
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