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.
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.