Do I need Life Insurance?

If you take out life insurance protection or not is up to you. People take out life insurance cover for a number of different reasons; the main ones are, to cover outstanding debts, such as a mortgage or loans and/or to provide a lump sum to help provide for family being left behind. There will be other reasons why people take out a life insurance plan and really it is down to personal circumstances. Generally it is to provide next of kin, family or a named person a lump sum in the event of your death. The key points everyone needs to remember when asking themselves ‘do I need life insurance?’ is should the unfortunate happen and you pass away are you leaving any dependents/loved ones behind and how will they manage?

By taking out a life insurance plan you will be ensuring that at a time of great difficulty for those left behind you are taking away the stress and worry of how they are going to pay off any debts and/or be providing a source of income through a guaranteed tax free lump sum. Life insurance is relatively inexpensive; it is actually the cheapest form of protection available. The cost of protecting yourself with life insurance is based on a number of factors such as; amount of cover, the number of years it’s taken for, your age, gender, smoking status, lifestyle and health. By taking out a life insurance plan, for a small monthly premium, you are providing yourself with peace of mind that should anything happen to you your affairs and/or loved ones are looked after.