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5 Reasons To Get Life Insurance

Published 16th September 2019

Nobody wants to think about what would happen to their families if they were no longer here. But Life insurance means you will have peace of mind in knowing that your family is covered.

Here are 5 reasons why you should get life insurance:

YOUR HOME

Family homes are filled with so many memories. If you were to sadly pass away, you would not want your family to go through the struggle of having to relocate while also grieving.

Did you know that the price of houses in the UK has increased by 1.7% in the last year (Gov, 2019) and the average house price is now £226,234 (HM Land Registry, 2019)? For March 2019 the average rental price in the UK was £942 per calendar month (HomeLet, 2019). ⠀

Getting life insurance means that you can rest assured that your family home will always be secure and your loved ones will continue to live in the family home. One of the best parts of life insurance is having peace of mind knowing that.

STUBBORN DEBT

Most people have debt nowadays. Such as student loans or credit card repayments. In fact, the average UK household debt now stands at a record of £15,400 (Guardian, 2019).

Nobody wants their debt being a burden on their family. Especially if they have just lost a loved one…

Life insurance could be used to pay off your outstanding debts, this would mean that your family can focus on healing rather than stressing about money in the event of you sadly passing away.   

LIVING EXPENSES

How much money do you spend on bills each month?

More than 50% of UK citizen’s spending goes on four main categories: Food, housing, and fuel, transport, and recreation (Money Advice Service).

The average UK household spends £572.60 per week for expenses (Office for National Statistics).

Life insurance would mean that your family could not only pay for the rent or mortgage but would be able to get by without struggling to sustain your current lifestyle.

CHILDREN

Children are expensive… Everyone knows this, do you know exactly how much they cost? 

£230,000 is the average cost of raising a child in the UK until they are financially stable at the age of 21 (The Telegraph 2015). Breaking that down into a yearly view, caring for a child now costs over £10,000 a year.

All parents want to make sure your children are taken care of and can keep affording their current lifestyle.

Life insurance could provide essential funds to ensure your children have the upbringing you envision even if you were not there to see it. 

FUNERAL

Life insurance can also give your family the opportunity to say goodbye to you and give them closure. 

The cost of funerals has risen by 112% since 2004 and the average burial is now approximately £4,500 (The Telegraph, 2017) and not many people have £4,500 lying around.⠀

Life insurance is really important! It can cover your home, other expenses, stubborn debts, supports children and allows you to have a good send-off. 

Not only does life insurance cover all of the above, but it also gives you peace of mind in knowing you can still protect your family even if the worst were to happen.