Why do people need life insurance?

Life insurance could be one of the most important purchases you ever make. These are the top 5 reasons people take out a policy.

Buying a home

Buying a home or re-mortgaging of an existing property is the main reason that people buy life insurance. Often the mortgage broker or bank will explain the importance of buying life cover as you may not always be around to cover the mortgage payments and the loved ones you leave behind will have to find the mortgage payments or lose their family home. Term life insurance can be used to pay off an outstanding mortgage balance, you can even take out decreasing term life insurance which means the lump sum payment decreases in line with your mortgage.

Provide for Your Family

Becoming a parent for the first time and having a family to care for will means we have more than just ourselves to consider. If you are the breadwinner in the family and have financial dependents then what would happen if you we’re no longer around to provide for them? Life insurance could replace your income so they would be able to cope financially if the worst did happen.

Getting Married

When you get married you become a partnership but the life you’re building together requires the earning power of both of you. If one of you was to suddenly not be there, it would be a struggle to maintain your lifestyle and meet the financial obligations that you already have together.

Peace of Mind

Knowing that you have a protection policy such as life insurance in place brings peace of mind that your family will be looked after if you were to die unexpectedly. The last thing you want is your loved ones to shoulder this extra burden at a time when they need the most support they could get.

It has never been cheaper

Reports from Standard Life have shown that life insurance cover has fallen by 32% in the last ten years, rates have even come down if you’re a smoker. Prices have fallen because the market is so competitive, but it is difficult to see prices fall from current levels.

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