Dying isn’t something any of us want to think about at length, but if you have a family that depends on you, you need to think about how they would cope financially in the event of your death. Life insurance is the best way to insure your family’s financial stability in the future, and should be reviewed and chosen with great care.
Shockingly, LV= life insurance found that around 48% of British adults have no life insurance whatsoever, with many assuming that life cover is either too complicated or expensive to set up and would rather not bother.
Your family would already be dealing with grief and loss in the event of your death, the last thing you want to do is leave them with huge financial worries, struggling to make ends meet.
Coverage can be pricey, but LV= life insurance quotes start from as little as £5 per month, and your policy is tailored to suit your own individual circumstances. It is also very important that you review and renew your cover regularly, and update it with any changes in your circumstances; such as having another child, a death in the family or moving house.
The Association of British Insurers (ABI) have issued new guidance to insurers cutting the time it takes for families to receive life insurance payments after bereavement. The new guidelines will cut the waiting from four months to four weeks.
With over 32,000 life insurance claims made every year by families who have lost a loved one, and with one in four children losing a parent before they leave full time education, life insurance is a vital tactic to insuring your family’s financial future.
These are scary facts, but responsible parents must take action to secure the futures of their loved ones.