Donna Tuohy our life insurance expert explains why life insurance is a necessity.
“I don’t need life cover” is a statement I hear on a daily basis; however, this is not always the case. In many instances when I speak to clients about their current circumstances they agree with at least one of the following and do need life insurance:
• I have someone who depends on me financially.
• I owe money.
• I live in a rented property.
• I have a job.
With this in mind, we've created the following video with more information for you. There's a version of the content below the video too if you have time to read it.
If you feel you have a requirement for life insurance and want to discuss this in more detail, please call me on 0161 9292626.
1) Protecting your family
If you were to die your family’s lifestyle would change dramatically. They would have to survive and maintain their current lifestyle without your income.
Life insurance isn’t as expensive as you think and by purchasing a policy you will be replacing that all-important income and giving you peace of mind that your family will be looked after.
2) Paying off your debts
When you die, any debts you have must be repaid from your estate before your family will receive anything.
Having a mortgage is probably one of the largest debts you will ever have. By protecting this debt with a life insurance or mortgage protection policy, it will make things easier for your family and ensure they have a roof over their heads.
3) No mortgage – You still need life cover
If you are renting you still need life cover. How will your family continue to pay the rent without your income? Will they have to move from their home? Will they fall behind on the rent? This is the last thing they need to be worrying about in the event of your death.
Even if you currently do not have a family, you are single and live on your own, it is still extremely important to ensure you have the relevant cover in place to ensure you remain financially stable.
4) Employed/ Self-employed – You need protection
If you become ill due to an accident or illness and are unable to work could you live off State benefit? Could you still afford your monthly commitments? Income protection will pay up to 60% of your gross income so you can maintain your current lifestyle until you are able to return to work or retire.
If you are diagnosed with a specific illness, critical illness cover will pay you a tax-free lump sum, so you can take time off work, do something you have always wanted to do or clear outstanding debt you might have, making your life easier.
If you would like to discuss this in further detail then please speak to Donna, our life insurance consultant on 0161 929 2626. If you have an existing policy and would like us to carry out a free check to see if it is right for you and your circumstances, we can help with this too.