The importance of protection insurance is widely acknowledged but what about Life Insurance?
Thousands of us take out protection policies every day to protect the things we love and have worked hard for, including:
- Our homes and contents
- Our cars
- Well-deserved holidays
Nothing is more precious than our families. If our health was to suffer and we couldn’t work in order to provide for them, what then?
Let’s take that sentiment one step further: how can we protect those we love most if we die?
Well, financially the answer is; Life Insurance, and it is the ultimate act of love.
Although, admittedly, you probably won’t hear any love songs about insurance on the radio any time soon.
More Than Money brings you 10 ways Life Insurance will benefit your family, catchy title right? Can someone let Taylor Swift know…
1. Life Insurance is The Gift That Lasts A Lifetime
You work hard to provide your loved ones with everything they need; the roof over their heads, the food on the table..as well as all the little gifts and extras.
There are few greater joys than the feeling you get when you give someone you love a gift.
For less than the money you spend a month treating your partner or children you could take out Life Insurance.
If you were to die, they could continue to live the lifestyle you provided when you were alive.
2. Life Insurance Shows You Are Committed
Life Insurance, unlike some other insurances you can take out to protect your finances, is only driven by the commitment towards the family you love.
Those who are single or don’t have children will often forgo this type of policy.
Alternatively, you could take out a form of Income Protection instead.
3. Life Insurance Will Only Benefit Those You Love
Life Insurance truly is a selfless act.
Of course, you will be the one paying the monthly premiums, but You will never benefit personally from the money you have invested.
Because the policy will only payout if you die.
4. Life Insurance Offers Security
At the moment your family relies on you, and there isn’t anything you wouldn’t do for them.
If you weren’t around anymore, who would provide for them?
Would your spouse have to give up work or cut their hours to take care of your young children?
What about childcare costs?
And what if you were the main or only breadwinner?
What about the mortgage?
What about feeding and clothing your children?
Taking out Life Insurance means that your family will still be financially secure.
Life Insurance can ease some of the stress for your family, during what will already be a difficult time.
5. Life Insurance provides the Ultimate Peace of Mind
Having a Life Insurance policy in place is the financial equivalent of a security blanket (thumb-sucking is optional).
The knowledge that you are providing financial support after you are gone is comforting.
6. Add Some Self-Love with Critical Illness Cover
Although Life Insurance really is for those you love, why not add Critical Illness cover to your Life Insurance policy and give yourself some love?
A Critical Illness policy will pay out a lump sum if you’re diagnosed with a serious illness.
It will provide enough to pay off your mortgage and cover your salary.
7. Love is Trust
In order to make the gift of Life Insurance even more special to your family, place it in a trust.
This means that the money goes directly to your beneficiaries, instead of your legal estate.
Additionally, this means it won’t be subject to inheritance tax.
8. Life Is Better With Life Insurance
If you were to die, the bills, mortgage, and cost of living continue.
Life Insurance can certainly soften the financial blow to your family; who will no doubt have more emotional matters to consider.
Few families have savings set aside for a funeral, and the average cost in the UK is over £4000.
I know, right!!
Taking into account that your family has also lost your wage; which may have been the only wage.
It becomes even clearer to see that insuring your life really is an invaluable gift to leave your loved ones.
9. Life Insurance is not FOR You, It’s From you
The truly valuable things that we give our families are time and memories (If anyone from Hallmark is reading this, yes we are available).
A Life Insurance policy means that even after you are gone, your family can continue to make memories.
They can spend their time together, whilst focusing on the precious gift of life rather than financial uncertainty.
10. Life Insurance Means That Life Can Go On
As they say “Life goes on”!
If the worst were to happen, we all wish the lives of our loved ones should continue to be as wonderful as possible.
A Life Insurance policy ensures that in the future you can still contribute to the lives of those you love.
Perhaps with a car or wedding for one of your children, or even a house deposit.
Life Insurance is important to you because your family is important to you.
You want them to be as protected as possible if something were to happen to you.
Think of it as ‘Love Insurance’ (seriously, Hallmark, give us a call!).
Life Insurance is the gift that will keep giving.
If you want to know more about Life Insurance, or help with writing an insurance-based sentimental message to a loved one (but mostly the first thing), give us a call!