Life Insurance Benefits

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4 Reasons to Purchase Life Insurance Cover

In life, there are two inevitabilities: Death, and taxes. Whilst we can’t do anything about the taxman, there are things we can do to prepare for the future. Life insurance is one of those things that virtually everybody needs, yet few people actually go ahead and take out a policy. We’re not sure whether it’s because they don’t wish to face their own mortality, because they don’t realise just how affordable it is, or because they simply don’t understand the importance of a life insurance policy, but not enough people actually have sufficient cover. If you want to plan for the future, here’s a look at 4 reasons why life cover is so vital.

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Peace of mind – One of the best reasons to take out life insurance is so that you and your loved ones can enjoy peace of mind. We never know what’s around the corner, and without sounding morbid, the last thing any of us would want would be to land our loved ones in financial debt when we were gone, or leave them penniless. Life insurance is a wonderful way of enjoying peace of mind because you can rest easy in the knowledge that, should something happen to you, your loved ones would be financially stable after you were gone.

Help cover burial costs – Again, it’s not a nice topic to discuss, but it’s one which we should all talk about, especially if we have loved ones. When we’re gone, a funeral service will need to be arranged. These services can cost thousands and again, the last thing we’d want to do is land our loved ones in debt by having them pay thousands for a funeral service. A life insurance policy will cover funeral service costs, so you needn’t worry about how your family could afford it.

Pay off the mortgage – To some people, a house isn’t just a house, it is a home. Another reason why life insurance is so important is because of the fact that it could help your family to stay in the home you lived in and created such happy memories in. A life insurance policy could allow for the property you reside in’s mortgage to be paid off, so the family can keep the home without having to worry about the stress of selling up, moving out, or wondering how they’re going to afford to pay off the mortgage.

Important for business – It isn’t just family that can benefit when it comes to life insurance. If you’re a business owner, that type of insurance can also prove to be hugely beneficial. If for example, you are in partnership with another person, or persons, you should all take out life insurance policies. The main reason for this is so that, should the worst happen, the other partner/partners aren’t left dealing with the financial responsibilities.

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Mortgage Protection

For a lot of people, a mortgage is generally their largest outgoing. Being able to pay your mortgage is essential if you wish to keep a roof over your head.

Critical Illness

Critical illness cover is an add-on to life insurance, where you can get a payout in the event that you are diagnosed with one of the critical illnesses covered by your policy.

Whole of Life Insurance

As the name implies, whole of life insurance is a form of assurance which provides cover for the policy holder’s lifetime.

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