The “Life and Health Protection” report found that 19% of consumers have given up and cancelled their life insurance policy. It is estimated that only 18.4 million people are now covered by life insurance compared to 20.9 million.
Life insurance, by definition, is designed to provide financial support for the loved ones who are left behind if the worst should happen to you. It can be a vital safety net for a family. Despite its obvious importance, the statistics above highlight that a large majority of the adult population fail to take out a policy.
So, why is this and why should you consider life insurance?
While we don’t think twice about insuring our home or cars, life insurance seems optional to many. Unfortunately, this can be down to a number of factors. The topic for one isn’t something we particularly like to dwell on. Secondly, many assume that life insurance is too expensive.
However, by neglecting your financial affairs, a painful bereavement can significantly impact a family financially. Without life insurance, loved ones may struggle when vital income is lost.
It is particularly important if you own a joint mortgage, which is a commitment that usually involves several hundred thousand pounds. Therefore, if you pass away unexpectedly, you would most likely be leaving your family to deal with monthly mortgage payments alone.
If the above has once put you off from securing life insurance, the good news is that there are many different kinds of policies available to meet you and your family’s needs, as well as your budget.
This is where a Relevant Life Insurance policy can help. This cost-effective method gives you and your family peace of mind that if anything should happen, your life insurance would help soften the financial impact. It is important that you get the best right policy, so speak to one of our expert advisors.