What is a difficult subject to think about, let alone discuss? Answer: dying. Second on that list of challenging topics: life insurance. The two go hand in hand for personal finance planning, especially when you are a) young and b) have a family who depends upon you. We get it, life insurance is a complicated (and perhaps tad uninteresting) subject to talk about!
Consider why life insurance is important.
If you are young with a family that depends upon you, either for the main income or as primary caregiver, or both, we need to talk about why life insurance is essential.
When we are young, we consistently buck against the concept of growing old. We look at our parents, grandparents, never imagining that one day we will be in their shoes, living their life. But hey, it happens ok! We all grow older, and hopefully, our lives will be enriched by our experiences. Be it travel, education, fulfilling careers, great books and films, memorable evenings out with good friends.
Life insurance is cheaper when you are young and healthy.
For most of us, we will meet that certain someone, lock eyes across a crowded room and never want to look away again! When that event occurs, well let us just say welcome to an entirely new world. Marriage, mortgage, children, life is never the same again. But in a great way!
Why life insurance is vital as a cornerstone of financial planning
It was that moment, that eye-locking moment, which changed the course of your life, especially financially! Careers and mortgages go hand in hand, starting a family may put a strain on finances, but somehow you manage, as a team. You look after your property and your loved ones, those that rely and depend upon you. Financially and as a caregiver.
When it comes to finances, you think you have it all sorted, mortgage payments, savings, investments, pensions. What about insurance? You may have the obvious, e.g. contents and buildings insurance, you will be fine if you are the victim of a house robbery or fire. One missing cornerstone of your financial planning will likely be life insurance.
Why do I need life insurance?
To put it bluntly, who knows what the future holds for any of us? But having a plan to prevent extreme financial suffering and heartache for our loved ones is the best course of action. Recent research carried out by AIG Life concluded that, as we previously stated, most adults prefer to bury their head and presume that the worst will not happen. As a result of their research, AIG has coined the tagline “illness denial.”
The reality, however, is that nothing could be further from the truth, with the three major causes of death in the UK being cancer, heart disease and strokes. According to the AIG, this worrying trend of “illness denial” causes people being unprepared financially if they were to fall to any one of these life-threatening, common diseases.
Ready to talk about why life insurance is important?
Even more reason why we need to talk. Talk about taking practical steps to plan and prepare for the worse, for the risk of serious illness and death.
Plan for the future of our loved ones, should the unthinkable occur and they lose you. You can help them to burden not only the grief but also the hardship of selling the family home and relying upon others to help carry this unnecessary financial load.
Get to know our friendly team of life insurance advisors, ready to answer your questions, provide sympathetic support and solutions to any issues about life insurance you might be pondering or experiencing.
When it comes to talking about life insurance, we speak your language.
Our focus is on you as a person, not as a commodity. We are motivated to find the best resolution for your personal circumstances; we have real people, not robots or answer machines. Most importantly, we speak your language.
Speak to one of our advisors and find out about the various life insurance policies on offer, (there is one for just about everybody on the planet!). We can advise on the costs and benefits of life insurance, simply complete our online form or give us a call.
There is no obligation and no pressure!