Why life insurance matters

Is your insurance profile up to date? Because I have to admit, mine isn’t as up to date as it should be. I am actually a little unclear about what my family and I are covered for. Obviously, this is not an ideal situation to be in. But one of my jobs for this month is to sit down and sort it all out by looking at our existing policies, checking what we are and aren’t covered for, with the aim of seeing if a move or update might be necessary.

life ins

I am not entirely certain how this has got so muddled, but I actually think it is an area that you deal with once, and then don’t want to think about again. Consider that kids happen, homes need repairs, health changes, and policies do need to be relooked, but life gets so busy and the truth is that often these check ups and refreshes just don’t happen. Yet you absolutely need to get life insurance, not for you, but to make sure your family is taken care of should anything happen to you. It is one of the most important things you can do for them.

British Seniors Insurance Agency have a new life insurance policy for ovesr 50’s that sounds very interesting. This new product, the Lifetime Payback Guarantee, is the first of its kind, with a unique new offering.

British Seniors Over 50s Life Insurance with the Lifetime Payback Guarantee pays a lump sum payment in the event of your death. You can rest assured that the benefit amount your loved ones receive will never be less than the premiums you have paid in.

? Guaranteed acceptance for UK residents aged 50-79
? No forms to fill in, no medicals, no blood tests
? UK based call centre

This is very reassuring and clear – which is a huge boon for any insurance provider, as policy details and benefits often appear to be really complicated!

So why is it necessary to worry about money you leave to your family?

Well, sadly the rising cost of funerals is one of the things we have to think about. The facts are shocking and rather worrying.

British Seniors Insurance Agency recently commissioned a research study on the cost of a relative passing away and the results demonstrated that British consumers have had to take drastic measures to pay for family funerals. The research reveals that family and friends in the UK have spent a collective £4.8 billion on funerals for their loved ones over the last 5 years.
Furthermore, in order to fund these funerals, 2.7 million people have taken out some form of finance (credit cards, personal loans and payday loans) spending £1.6 billion.

Isn’t that a shame? I would absolutely hate to think that I was leaving my family in debt, simply to pay for my funeral.

I would also really want to know I was leaving something to my family to help them during times of need, which would allow me to be there for them, even if I was no longer there. I lost both my parents at a young age when I was just finding my feet financially and if their deaths landed me in debt, it would have been a huge problem and stumbling block. My mum left me a little money when she passed away, and it was a real help at the time.

It may seem a morbid subject but it really is an important one, as having the necessary life insurance in place would certainly make a sad and stressful time so much easier for those you leave behind – all the while affording yourself some peace of mind.

 

 

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1 Comment

  1. March 3, 2016 / 4:44 pm

    I think more people are becoming aware of getting insurance. I got mine through my banknwhixh covers me until i retire (got that at 18…it wasnt my intention to get it but figured it was a good idea when they discussed it in the bank) i do need to check what cover is on it though for my son like critical care/illness and if he’s not included get something for him.
    important post!
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