Thursday, 16 October 2014

Life Insurance


Photo courtesy of iosphere at freedigitalphotos.net



What is life insurance?

Life insurance is an insurance that pays your family out a lump sum after the death of the insured person or after a certain amount of time. 

Is it important?

Imagine if there was an unexpected accident which left your family bereaved. Unfortunately something that cannot be for seen. If this did happen would you be able to afford the unexpected costs?

Types of life insurance

There are different types of life insurance to consider. These include;

Level Term Assurance - to help financially protect your family. 

And 

Mortgage Term Assurance - which is specifically designed to help pay off a mortgage. 

There are also optional extras which can be added on such as if you were to be diagnosed with a critical illness during your policy you would be entitled to a pay out. 

How much does it cost?

Life insurance can be paid monthly from as little as few pounds a month. This is defintely a lot less than I was expecting. 

I myself don't actually have life insurance at the moment. I think the main reason for this is because honestly iv just thought I'm young, I don't need it. But since iv been researching into it I have bid come to realise how important it is. 

I know that if there was to be an unexpected death of myself or my partner we simply wouldn't be able to pay for any funeral expenses not to mention we'd be lose a source of income also. 

Especially now that I have my own two children I feel it is vital to take out life insurance not only to protect my husband but also to protect my childrens future. To ensure they have a roof over their heads and a place they can call home. The last thing they'd need is being moved away from a home where they have grown up and feel safe and secure. It would be an awful lot of change for anyone to take in. 

I think that I will be looking into life insurance in a bit more detail and for only a few pounds a month it is something that I consider worthwhile for my family's best interests. 

5 comments:

  1. Just looking into updating ours, this has reminded me! #linkybinky

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  2. My husband and I have life insurance and have had it since our children were born. I think it's so important to have especially when you have children. Thanks for linking up to the #BinkyLinky

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  3. It's so important, no one knows the future and how awful for the worst to happen and then have massive financial worries on top. Good to be reminded. #binkylinky

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  4. this is something i think about, but also know that whilst it would be useful for my son to have, in some ways having to earn your own money makes you strong, so still debating it!
    #binkylinky

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  5. Interesting. I have just split up from my husband but my life insurance still pays out to him (he doesn't know this!). I think I will keep it like this - if I peg out, he will be looking after the kids and I want them to have the best start possible. #binkylinky

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