It is a fact that the purpose of having life insurance is to protect both your family and your assets in the event of your death. Whilst this is not a pleasant subject to broach, the question of life insurance and whether or not it’s worth it one that is bound to cross your mind at one time or another. Although getting set up with a policy might seem like a complicated process, in fact after the first steps life insurance is simple and could prove invaluable in the future.
The debate of whether life insurance is worth the cost depends on certain factors such as your age and circumstances. 44% of people in the UK currently have life insurance policies. This percentage represents almost solely the working age adult population. For instance as a student or a single person with no children or responsibilities life insurance might be something that could be put on hold until later years. However if you are the main breadwinner in the house it could be said that life insurance is not only ‘worth it’ but crucial. It can prove a vital safety net for those left behind. Furthermore if you are a home owner it would certainly put your mind at rest that – if the worst happens – your mortgage would be paid off and your family should be left without financial pressures during a time of immense stress and grief.
To conclude it is certainly worth thinking about taking out a life insurance policy for your own peace of mind – financial protection after you’re gone, as well as financial protection for your family should the worst happen during the term of your cover. It is a harsh fact that if a household / family were to lose its main income, then it might be extremely challenging to meet major financial commitments, such as a mortgage.
There are plenty of options and policies available and getting the product to suit your circumstances could one day prove to be an essential outgoing of your budget.