You probably already have some life insurance protection but are you sure it would meet the needs of your family in an emergency?
Many people are lulled into a false sense of security by having some insurance or by assuming that 'the State' will provide for them and their families.
If anyone is financially dependent on you, they would probably find it hard to make ends meet if you died. Life insurance to pay out in the event of your death would give them financial security. The people you might want to protect include:
A husband, wife, civil partner or unmarried partner.
Children
An elderly relative who lives with you or depends on you.
If nobody is dependent on you, you do not need life cover at all.
Most people are significantly underinsured.
Surveys have shown that one person in three has no life insurance at all. A further third have not reviewed their life insurance needs over the previous five years – meaning that they may now be underinsured.
So it's a good idea to review your insurance protection at least once a year to ensure your cover would meet your financial commitments and that your policies reflect any changes in your family or employment circumstances - such as a new home, new baby, new job, new partner.
Life assurance is the oldest form of health and protection cover known. If you die, your estate gets paid a cash sum,
In a world where family relationships are increasingly complex, it makes a lot of sense to make a will, to ensure the money paid out goes to who you want it to go to- and as little as possible to the taxman.
Many people get put off buying life cover, as many people who sell it confuse investment with protection. These sellers are often paid on commission so it is important for them to sell you as much as possible, and they will get a lot more from an investment and life policy than a simpler life cover.
Do not let this put you off buying essential life cover to protect you and your family or families.
Mealy-mouthed euphemisms confuse buyers. It is very simple, life insurance pays out when you are dead. Few of us can control when and how that happens.
If you can afford only one type of health and protection insurance, buy life cover.
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