How to have that all important conversation about Life Insurance
If you have children there probably aren’t many opportunities to sit down and have a serious conversation with your partner. Chances are that when the opportunity to talk arises, conversation turns to what the kids have been up to in school, your working day or planning ahead to the fun stuff like Christmas and holidays.
“What will happen to the kids and I if you die?” is not really a conversation that rolls off the tongue easily is it?
But it is an important topic that needs to be discussed.
No one really wants to think about what will happen to their family, if they or their partner should die whilst they are at a relatively young age. But a conversation about life insurance could help to give you peace of mind about the future should the worst happen.
It’s not an easy subject to bring up, but there are ways of making the topic a little less daunting.
Talk about the bigger picture
No one feels motivated to talk about death, but chatting about the bigger picture of what Life Insurance could mean to your family can help push you towards having the conversation. For example:
- It would allow your family to grieve without the added pressures of financial worries
- Life Insurance would mean your partner and your children could continue living in the family home without having to sell up.
- It could mean that your family could continue to maintain their lifestyles and rebuild their lives without worrying about money
When you think about the practicalities of what life insurance could actually do to help your family in the future, the conversation becomes much easier.
What do you need to discuss?
Once you’ve raised the topic of Life Insurance with your partner, then there are a few things you might want to cover in the conversation:
What will you use the cover for?
Will a life insurance payout cover outstanding mortgage debt? Will the money be needed to keep children in childcare so the surviving parent can continue to work? Do you need it to cover funeral costs?
Once you’ve answered this question, this will help you decide on a sum for the amount of insurance that you’ll need.
How much can you afford to pay for your premium?
Life Insurance is typically paid for on a monthly basis. Many people shy away from taking out life insurance as they believe it to be too expensive but it can actually be more affordable than you think. Why not use this as an opportunity to take stock of your current finances and see how much you can afford to set aside for life cover?
What type of policy do you need?
It’s worth setting aside some time to do a little research and find out about the different types of life insurance that are available. Or why not speak to a life insurance specialist who can answer any of your questions? This can help you to make an informed decision on the type of cover that will suit you and your family.
Try not to overthink it
Once you’ve had the conversation with your partner, you can relax. That’s the most difficult part out of the way. The next step is to apply so you have the cover in place as soon as possible.
Applying for life insurance doesn’t have to be a daunting experience so don’t overthink it. The application itself is usually pretty straightforward. It can be as simple as filling in a form, especially if you are in good health. If you do have any questions, there are plenty of sources of help – from reading our guides here at So Smart Protect to speaking to a friendly adviser who is only a phone call away.
Once it’s done, you’ll have peace of mind knowing that your family will be looked after financially should anything happen to you.