When we are young, we have no need for life insurance. We have no people depending on us and our financial assets and nobody who would suffer a big financial loss if we were to die. However as we get older and start a family, the chances are that we will want some assurance that our loved ones will be protected financially should we suffer an untimely death.
It makes sound economic sense to insure your family’s main bread winner so that in the event that you were to lose them, and subsequently their income, it would not result in hardship for your family at an otherwise traumatic time.
There are two types of cover available, Life Insurance which covers you against death for a set period of time, paying out only if you die, and Life Assurance into which you pay premiums for life and your estate will receive a return when you die. Life assurance is guaranteed to pay out eventually as long as you continue to make payments, whereas Life Insurance is over a fixed term (Also sometimes called Term Assurance in the US).
If you have a young family and are a one income family, you might well consider taking out fixed term insurance to cover the period while your children are in school. Your necessity for a high income will reduce once your children leave home and are in work, so their dependence on you will also reduce. While they are living at home protecting their future with life insurance is a sensible step to take.
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What if the worst were to happen and tomorrow morning you get run over by a bus and your income stopped overnight? How would your family cope? Thoughts like this are often what drives people to buy life insurance. It will allow you and your partner peace of mind when the future is never certain.
Life insurance can be relatively a cheap price to pay to protect your family against a major disruption if you should die. The prices can go up in the case of very high earners or if your selected policy contains specific inclusions that mean the premiums are higher, but on the whole, life insurance is very affordable when you consider what could be lost in the event of your uninsured death.
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