“What do I need life insurance for?” I’ve heard it more than a few times. “I won’t be here, so I won’t need to worry about it” It’s not unusual to hear that one either.

Life insurance is one of the most under bought and under sold financial products and vast numbers of people who probably should have it, don’t’. One major reason that many of us either don’t have any or don’t have enough, is that most of think it won’t happen to us. Die that is. And the reality is that we probably won’t die until we reach old age.

So, why should we have life insurance? One reason, for peace of mind.

Statistically most of us will die in our old age, but every year, many people die prematurely either from an illness or accident. If you happen to be the sole breadwinner in the family and you were to die, it could have devastating consequences for your family and their ability to pay household bills, the mortgage and maintain their standard of living.

So, what are the top 7 reasons you should consider buying life insurance cover?

  1. TO LOOK AFTER YOUR FAMILY IF YOU DIE TOO SOON:Probably the single biggest reason to arrange life insurance. If you are the main bread winner, your family is dependent on you even after you’re gone.
  2. TO REPAY YOUR MORTGAGE:Again, if you are the main breadwinner, you will probably want your mortgage repaid, so that your family will not need to pay a mortgage every month.
  3. YOU HAVE A JOINT LOAN WITH A NOTHER PERSON:Not every need’s a life insurance. However, if you have dependents or you have a joint loan with another person you should considering taking out life insurance.
  4. BUYING INSURANCE IS CHEAPER WHEN YOU’RE YOUNGER: Life insurance costs are dependent on your age when you take out the policy. So, a delay in arranging cover is more than likely to cost you more each month as you get older.
  5. COVER MAY BE UNOBTAINABLE IN THE FUTURE: Sadly, as we get older, we tend to start suffering from various ailments. Whilst you are young and healthy obtaining cover is not likely to be a problem. However, if you become ill it may either be impossible to obtain cover, or be prohibitively expensive.
  6. PROTECT YOUR BUSINESS ASSETS: If you are a business owner, you may have invested a lot of time, money and effort building it up. Without life insurance protection, your hard work may be lost should anything happen to you.
  7. SHAREHOLDER PROTECTION: If you are in business with another person, if anything happens to you, your family will more than likely want to pull the value of your shares out of the company and the surviving business owners may not want your family as co-shareholders. Shareholder insurance protection will help ensure that your family receives the value which you have built in the business.

Action call

If you would like to talk to a financial expert about life insurance protection or another important financial issue, please get in touch for a no-obligation meeting. Go to our website www.miadvice.co.uk and contact us via our “Get in touch” form on our home page or Contact Martin Dodd on 01902 742221.

Email us at financialplanning@miadvice.co.uk

It is advisable to take advice from a professional financial adviser when making major financial decisions.

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This article has been prepared in good faith and based on Midlands Investment Agency’s understanding of the law and interpretation thereof at the time of creation. The contents should not be regarded as specific advice and we always recommend that specific advice is sort from a qualified professional. No responsibility can be accepted by Martin Dodd or Midlands Investment Agency Ltd., for any loss that may occur by a person acting or refraining from acting on the basis of this article.