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If your family are likely to feel a major financial impact should you die, then it’s most likely that you’ll need life insurance as it provides a lump sum to them after you’re gone.
What this cash lump sum does is replace your income and can really make a difference to your family in meeting any financial obligations such as the mortgage and other living costs.
The amount received is not taxable and offers a good way of making sure those you care about have some kind of financial security net.
In considering if you need life insurance it’s a good idea to come up with some worst cases scenarios. So for example, if you were to die tomorrow would your family be able to cope with the bills without you? Would they have the money for things like funeral costs, tax, debts, any solicitors fees and so on? Then after this would they have enough money to cope with living costs such as food, transport, school fees and so on.
You may also want to consider the longer-term goals you have, such as university costs or even retirement. If these are likely to be a problem when you’re not around, then life insurance could provide a solution.
When someone dies it is always difficult, not least because your family loses someone that they love and during the grieving process there is most likely to be little thought about the financial implications. However, once that process moves forward there is often a point where bills become part of the process, meaning your family are then trying to deal with the financial difficulties that come up.
Having life insurance means that you can help the people you care about and make sure they are provided for when you die.
Whether you’re a parent, single, married or even heading towards retirement, it’s never too late to get life insurance so why not get a quote today?