The topic of the day is life insurance.
If you have people depending on you, getting life insurance has almost certainly crossed your mind. You have a responsibility to make ends meet for your family, and life insurance is a surefire financial safety net for them if something were to happen to you.
You probably don’t actually have life insurance, though. We say that because 3 out of 4 adults in the UK have never taken out a life insurance policy.
If you haven’t, it’s not the end of the world – after all, at this moment, you’re probably making ends meet just fine.
But realistically, if you want to guarantee long-term financial security for your family no matter what happens to you, life insurance is an absolute must to have.
This is your guide to understanding why life insurance is so essential – and why, behind food and rent, it should be one of the first things (if not the first thing) that you spend your money on.
Those who are responsible for others, please read on or fill in our short form to get a free no obligation life insurance quote now.
Hard stats about life insurance
- It’s not as expensive as you think – you can often get adequate coverage for £10 – £30 per month (or even less)
- It’s based on a yearly income – for example, many plans pay out 10x – 12x your yearly salary
- Yes, your family actually gets paid – in 2014, UK life insurance providers paid out 98.5% of all claims
Tons of people shy away from getting policies because they have misconceptions about the plans, the companies… whatever.
The truth is, if you’re honest on your papers (for example, you don’t lie about having an existing terminal illness), you can expect a guaranteed, hefty payout for your family in a worst-case scenario.
And of course, that’s the end goal – guaranteed security for your family.
But life insurance also gives you – the person actually taking out the policy – something else.
Peace of mind every single day
It’s tough to spend money on something every month when you seem to get nothing from it. On the surface, with life insurance, it definitely seems like you get nothing.
But you actually do get something – and only people who already have life insurance will know this.
You get peace of mind.
- If you randomly selected 90,000 random UK men aged 45 to 54, by the end of the year, 322 would have passed away.
- Even in younger men aged 25 to 34, 74 would have passed away.
- Death can come from anywhere at anytime – 1,713 people were killed in car-related incidents in 2013, and most of the time, they weren’t responsible for the accident.
With the tiny payment (£10 – £30 or even less) per month, you protect your family against whatever the world might do to you. It’s guaranteed, and you can live your life without worrying about your actions so much. Your stress levels will go down, and because you know you’re making the right decisions, you’ll just feel better.
On the other hand… without the tiny payment, without the signature, and without a safety net, this all goes out the window. You have the potential to put your family in debt if something happens to you – not the other way around.
Help your family – don’t put them in the hole
The average cost of a funeral in the UK is £7,622. To be clear, this isn’t an extravagant wedding on the water – this is a basic wedding to give your relative a respectable send off.
Chances are, no matter what you say, your family and relatives are both going to want to give you a respectable send off. If you have life insurance, you take care of the expense and leave them with no financial stress.
If you don’t, they’re left footing the bill… and spending their time sorting out all of your affairs on top of it.
Ending on a good note: life insurance means opportunity
Being rich isn’t everything. But being poor and not being able to afford what you need is everything.
Life insurance is based on your yearly salary, so even if something happens to you, you’ll be able to get your family through the hard times of you being gone without forcing them having to make sacrifices.
Your kids can afford to have normal childhoods, your significant other won’t have to constantly work all of the time to provide that childhood… and for your loved ones, there will just be opportunity to live life that wasn’t there before.
How to afford life insurance + where to get the best policy
To find money for your £10 – £30 per month, you don’t have to work harder – just take money from somewhere else.
If you currently have two streaming services (like Netflix and Now TV), cut back to one. Eat out one less time per month (you’ll get better at cooking, anyways). Etc.
If you’re just scraping by, stuff like that will allow you to afford life insurance without it becoming a financial burden.
Don’t lose this opportunity – head over to our homepage, and fill in the short form to get a free no obligation life insurance quote. We’ll compare the leading UK insurers for you, and match you up with the one that can give you the highest payout at the lowest monthly cost.
Good luck – it’s really not hard to get started, and just as we discussed, the peace of mind – as well as the other countless benefits for your family – both make life insurance more than worth it.