What’s your excuse for not having Life Insurance?
To protect your family or home in the event of your passing, it’s important to get Life Insurance put in place – you already know that, but you still don’t own a life insurance policy? If you’re putting off taking out a policy, then you should know that having insurance put in place sooner rather than later will benefit you more. Take a look at our top reasons why people put off buying a policy:
1. It’s too expensive
Some consumers believe life insurance is an expense that is not affordable. Your monthly budget may be eaten in to by expenses like rent, car payments or other bills and you may think you cannot afford another outgoing. However, life insurance isn’t nearly as expensive as you might think. You can get a good policy for less than your daily cup of coffee on the way to work! If you have a tight budget, talk to a specialist to see what level of cover and pay-out you would get, just let them know how much you can afford – whether it’s £10 or £100 a month! If you don’t think life insurance is a necessity – then think about what your family would do if something happens to you?
2. I’m young and healthy
You may be under the assumption that life insurance is for people of a certain age. The truth is life insurance only gets more expensive the older you get. Getting cover in place whilst you’re young and healthy will ensure you get the best policy at the best price. Plus, securing cover early means that should something happen to you in the near future you can protect your family from any financial burdens. Waiting till you fall ill or get injured may mean you can’t get any cover at all.
3. I can get Life insurance through my job
As an employee you may be offered life insurance as part of a benefits package, and that could be the first time you’ve encountered a life insurance policy. A payout of double your annual salary may seem a lot, but in the event of your death you may fall short of covering your mortgage, funeral costs or a lump sum for your children. Also, an employee policy is typically the type of insurance that won’t move with you should you leave that job.
4. I don’t have kids
It’s important to protect your kids, but should you pass away you may have other dependants such as a spouse, sibling, or even your parents. If there is anyone who would suffer financially from your loss, or you have costs that would need covering, then having a policy in place will ensure everything is looked after.
5. I’ll get around to it, eventually
There are two types of life insurance: Level Term Assurance and Whole of Life. Level term will only cover you up-to the age of 90, the younger you look into life cover the cheaper your premiums will be. Life insurance is all based on risk – if you’re more likely to pass away in the term the more expensive your cover will be. If you’re unsure as to what the terms mean and offer, you can speak to a specialist at no cost. They can explain the ways life insurance works, find a policy to fit your budget and give you a quote.
The above post is intended to be informative but does not constitute advice – financial, legal or otherwise. Any opinions given are the author’s own and do not necessarily reflect the views of So Smart Protect or So Smart Financial Services.