Why Get Life Insurance?
There's many factors deciding whether Term Life Insurance is necessary, some more important than others. Its main function is to provide for dependants in the unfortunate event of death, so the decision to have Life Insurance really depends on your personal situation including factors such as:
- Are you married?
- Do you own your own business?
- Do you have dependant children, or other dependant relatives?
- Do you have an extensive estate? (particularly property)
- Do you currently have any major financial obligations for which others would be responsible in the event of your death? (mortgage, large loans etc)
With a reliable, well chosen Term Life Insurance policy, you can provide ample cover in the event of your death so that your family or other beneficiaries would instantly be provided for, without having to worry about waiting for the release of funds from sales of an estate. This can mean total peace of mind for both you and your dependants.
While we all hope to live a long and prosperous life, the unfortunate facts are available for us all to see:
- 1 in 3 people will get some form of cancer before age 75
- The chances of death due to cancer increase 10 fold between the ages of 30 and 50
- 1 in 2 people die from heart disease
- 150,000 people die every year from heart attacks
figures courtesy of Legal &General
The figures relating to cancer are important as this is the most common type of critical illness, and you can choose to either take out standard life insurance, covering you in the event of death, or you can take out critical illness cover either instead, or as well. Critical Illness Cover allows for funds to be released in the case of you becoming critically ill, to cover the costs of any treatment, and also to ensure any financial obligations you have are paid during that period.