This post is in partnership with LifeSearch.
It’s pretty normal to have a have a house insurance policy, a car insurance policy, etc! They’re the ones we all know about and need in our day to day lives, chances are you’re open with the members of your household about these policies too, you do not believe in keeping secrets from your family.
However, what would your answer be if we were to ask you, “Do you have a life insurance policy?” If it’s a no, it is time that you awarded serious thought to getting one. It does not matter if you are young or middle-aged. It does not matter if you are single or married. You should obtain a life insurance policy as soon as possible.
There are several benefits of getting a life insurance policy. You may feel like it’s an unnecessary expense, especially if you’re younger for example. Here are some of the common reasons for your hesitancy (as well as other people’s) in doing so.
- You feel you are physically and mentally healthy. You might be a young adult. True, but who is to say what will happen the next moment. Maybe, you are the breadwinner of the family. Your spouse and children are dependent upon you for financial support. An unexpected injury or a medical emergency could occur. In turn, it would make you ineligible for taking out a life insurance policy.
- The word, ‘life’ immediately brings to mind the term, ‘death’ too. Yes, you are well aware that you are mortal like everybody else. Regardless, the thought of dying makes you feel terribly scared. Even the thought of possibly leaving your family in dire financial straits does not cause such horror! Therefore, you cling to the excuse that there is enough time to think about it in the future. You also take care not to let anyone view your stresses and strains. Because you believe in keeping secrets about ill health from the family is better than worrying them.
- Then again, you feel that you have sufficient assets to help your family tide over any kind of financial crisis. Now, if these assets are liquid in nature, it should prove easy to convert them into cash. However, if they are non-liquid (shares, jewellery, property, etc) in nature, they could pose problems.
- Other reasons could include non-affordability, not understanding the pros and cons, having other urgent matters on the mind, a mistrust of insurance agents/companies, etc.
Keeping Secrets From Your Family.
Research conducted by the UK’s leading life insurance broker, Lifesearch, shows one in ten Brits are hiding money worries from their families and nearly 7 million are keeping secrets from their family when it comes to mental health conditions. Lockdown is having a long-term affect on us all and LifeSearch is encouraging people to open up to loved ones and talk about any health related issues, even though they could be an “uncomfortable, yet essential conversation”
Since 1998, award winning life insurance broker LifeSearch, have protected hundreds of thousands of UK families by offering expert, independent advice to customers around life insurance, critical illness cover, income protection, family income benefit, serious illness cover and business insurance
Why You Should Take Out Life Insurance?
- Taking out a life insurance policy is an act of Sharing and Caring. For instance, you could be having elderly parents at home. As their caregiver, you need to ensure their comfort even when you are not there. They require money for personal expenditure and long-term healthcare, if any.
- Then again, you could be self-employed. People, like you, generally take out small loans to tide over not-so-good times. The life insurance policy can prove a lifesaver for clearing this loan. Your employees, and even the stakeholders in your business, will be able to receive payments/benefits.
- What kind of a job do you do? Does it involve risks, especially high ones? High-risk areas include oil and natural gas, construction, police, fire fighting, aviation, mining, etc. True, the premiums may seem higher than they would for policies involving desktop jobs. However, your policy would be worth every penny that you pay towards it. You might even take out an add-on for disability. There is no guarantee that you will be able to avoid injuries/accidents while on the job.
- Jobs are not the only things that come under the high-risk umbrella. Extreme sports/hobbies do too! They could include bungee jumping, rock climbing, scuba diving, speed biking, etc. Obviously, you have not been keeping secrets from your family, as far as your hobbies are concerned. Therefore, they will understand when you show them your life insurance policy. They will not even object to the high premiums. They are well aware of your stubbornness in refusing to give up these sports.
- Are your debts causing you sleepless nights? Do you worry about clearing them, specifically if something should happen to you? Maybe, you have been keeping them a secret from your family. If yes, it would be cruel to plunge them into financial worries soon after your death. Some of these conversations might be uncomfortable, but are very necessary and by being more open you can lessen the burden of shouldering these confidences. A healthy life insurance policy could go a long way in putting their minds at rest. Private loan sharks, especially, will not hesitate to take away the family assets, if ready cash is not available.
- Life insurance is useful even for getting married or having a baby. To illustrate, your spouse will be able to maintain the same lifestyle even after your death. Similarly, if you are the family breadwinner and you are pregnant, the policy will prove useful for covering your medical expenses. Some insurance companies offer discounts, and even sufficient time to pay your premiums. They are aware that you can no longer go to work. The policy will prove beneficial for working couples too.
- Sometimes, a natural disaster strikes without warning. You may lose your life, or even your assets. Your family should be able to retrieve some semblance of a normal life via the life insurance policy.
- Best of all, your life insurance policy will suffice to clear the death taxes and duties after you die. It will also help in paying for all the expenses associated with the funeral. The amount left over will serve as an inheritance for your spouse and children. Even if there are no other assets, they will have sufficient cash to fulfil all their needs. Above all, they will remain eternally grateful to you for your thoughtfulness.
Taking out a life insurance policy is important, especially in these uncertain times. You can never predict when disaster will strike, and in what form. However, do not opt for keeping your action a secret from your family. Let family members know about your latest investment. It will grant them peace of mind!
