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4 reasons why you should consider getting life insurance

Thinking about what will happen after you’re gone can be uncomfortable, which is one of the reasons why people often don’t give much thought to life insurance. However, taking out such a policy can be an effective way to make sure that those you care about have financial stability in the event of your death. Depending on the exact policy you opt for, it could pay out either a lump sum or regular payments to your dependents after you pass away.

Here are four reasons why life insurance might be worth looking into.

1. You recently bought a house

A mortgage is often a substantial amount of debt and takes many years to pay off. If you are still repaying a mortgage when you die, the responsibility for continuing to make those payments will fall to your loved ones. This can be a huge burden for the; however, if you have a life insurance policy, then the pay-out can go a long way towards helping them cover it without being forced to move house. One possibility is to get decreasing term life insurance. This is a cheaper option that pays out less money as time goes on, to match the decreasing amount of debt you have as you pay your mortgage off.

2. You have children

It’s no secret that raising a child is expensive. Having life insurance gives you (and your partner, if you have one) peace of mind that your children will be financially supported if you die. It’s also possible to take out a policy that can be used to cover an inheritance tax bill – and to avoid your heirs having to pay inheritance tax on the pay out, you can put it in a trust. Make sure that you do your research thoroughly, so that you can choose the most appropriate type of life insurance policy for you and your family.

3. Your partner is financially dependent on you

Even if you don’t have substantial debts such as a mortgage, if your partner is financially dependent on you, then life insurance can help ensure that they don’t struggle for money after you’ve gone. Remember that you can also get insurance for pre-existing medical conditions, so regardless of your personal circumstances there should be a policy option out there to suit you and your loved ones. Plus, the younger you are, the more affordable your policy is likely to be – so even if you’ve only recently got married this is something worth thinking about.

4. You want to ensure your loved ones are comfortable

At the end of the day, we all want the best for the people that we love. Having life insurance can help to ensure that your family doesn’t struggle to cover the costs of your funeral or any other unexpected bills, and will give them one less issue to worry about after you’re gone. Whatever kind of provision you choose to leave behind, it can enable them to live more comfortably and with a similar standard of living to the one that they currently enjoy. Isn’t that what every parent or partner hopes for?