Wondering if life insurance is necessary? Find out why it’s important regardless of your age and how you can protect yourself and those closest to you

Many people put off getting life insurance because they believe they are too young, too healthy or that it is too expensive. However, the reality is that life insurance is a crucial financial tool that everyone should have. Sadly, we’re hearing about more cases of fit and healthy younger people being diagnosed with serious health conditions, so none of us can take our health and longevity for granted.

Life insurance provides peace of mind that your loved ones will be taken care of in the event of your untimely death. We explore the top reasons why you should have life insurance and why it is an essential investment for your family’s future.

Protect your family’s future

If you pass away unexpectedly, your family will not only have to deal with their grief but also with the financial burden of your loss. Life insurance provides a reliable and consistent financial safety net for your loved ones to help ensure that they can maintain their quality of life, pay off debts or mortgages, and have money for day-to-day expenses.

We had a previously fit and healthy client who recently passed away unexpectedly after a short illness. As he had life insurance, his family received a lump sum payout of £360,000, which paid off the mortgage. Naturally, his family’s loss was devastating, but at least they didn’t have to worry about money on top of dealing with their grief.

It’s affordable in the long run

Many people think that life insurance is expensive, but it’s not the case. Life insurance policies can be purchased at affordable rates. The earlier you take out life insurance, the lower the cost of the policy, meaning you can lock in the lower rates for years to come.

It’s flexible and tailored to suit you

Life insurance policies are flexible and can be customised to cover your unique needs. Policies vary in terms of premiums and benefits. If you speak to us, we’ll give you bespoke advice so you get the most suitable policy for your needs and budget.

Business owners need to protect their business

If you own a business, life insurance is essential to its health and longevity. Key person insurance protects your business if something happens to an insured key person in the company. It pays out a lump sum to the company if they pass away or are diagnosed with a critical illness and can, therefore, help your business continue operating while a replacement is found. There are also other types of business insurance to protect your company in other scenarios.

It offers peace of mind

Life insurance provides peace of mind that your loved ones are financially secure in the event of your untimely passing. It can lift a massive emotional burden off your shoulders and allow you to enjoy more time with your family without worrying about their future financial well-being.

We would also recommend you look at critical illness cover, which pays out a lump sum on diagnosis of a serious health condition like cancer, heart attack or stroke.

Don’t wait for a catastrophic event to happen before thinking about life insurance; act now and protect your family’s financial future. We can help with advice.

Read our other articles on financial protection:

more news