A Life Insurance policy protects your loved ones from financial hardship if you pass away. Despite this, only around 30% of the UK population have a Life Insurance policy. There are several critical times in someone’s life when they will require a Life Insurance policy to provide financial protection for both them and their family. This blog highlights them.
Key Takeaways
- The are several critical times in life when you should consider getting a Life Insurance policy or updating your current one. If you’re getting married, having children, buying a house, starting a business, retiring, have health issues, have special needs, or experience a change in personal circumstances, you should consider buying Life Insurance policy or updating your existing one.
- Life Insurance is not a one-size-fits-all-product. It is a personal and flexible tool that can help you protect what matters most to you at different stages of your life.
- Protect yourself and your loved ones from the unexpected with Dividend Life from Assura Protect by visiting https://www.assuraprotect.com Offering innovative features to address the problems associated with Single Life Insurance, Dividend Life includes up to 3 Life and Critical Illness claims, 200% Multi-Claim Critical Illness cover, 200% Dual Life cover, on-demand GP and Prescription services, premium reducing rewards and discounts, and lifestyle benefits programs.
Here are eight critical times in life when you should consider getting a Life Insurance policy or updating your current one.
Getting a Life Insurance policy after marriage
When you get married. Marriage is not only a union of love, but also of finances. If you and your spouse depend on each other’s income, you may want to get Life Insurance to replace the lost income in case one of you passes away. You may also want to cover any debts that you share, such as a mortgage or a car loan.
Having children
Having children is one of the most rewarding and challenging experiences in life. It also comes with a lot of responsibility and expenses. You may want to get Life Insurance to ensure that your children can have a comfortable and secure future, even if you are not around to provide for them. You may also want to cover the costs of their education, childcare, and other needs.
Buying a house
Buying a home is a major investment and a long-term commitment. If you have a mortgage, you may want to get Life Insurance to pay off the remaining balance in case you die before it is paid off. This way, your family can stay in the home without worrying about losing it or having to move.
Starting a business
Starting a business is a risky but rewarding venture. If you are a business owner, you may want to get Life Insurance to protect your business partners, employees, and customers from the financial impact of your death. You may also want to cover any debts or liabilities that your business may have.
When you retire
Retirement is a time to enjoy the fruits of your labour and spend more time with your loved ones. However, retirement can also bring some financial challenges, such as reduced income, increased health care costs, and inflation. You may want to get Life Insurance to supplement your retirement income, cover any medical expenses, and leave a legacy for your family or charity.
If you have health issues
Health issues can strike at any time and affect anyone, regardless of age or lifestyle. If you have health issues, you may want to get Life Insurance sooner rather than later, as it may become more difficult or expensive to get insured later on. You may also want to get Life Insurance to cover any medical bills or funeral costs that may arise from your health issues.
When you have special needs
If you have dependents with special needs, such as a disabled child or an elderly parent, you may want to get Life Insurance to provide for their long-term care and support. You may also want to set up a trust or a special needs plan to ensure that your dependents can receive the benefits of your Life Insurance without affecting their eligibility for government assistance.
Change in personal circumstances
Life is full of changes, some expected and some unexpected. Some of these changes may affect your Life Insurance needs, such as getting divorced, losing a job, inheriting money, or moving to another country. You may want to review your Life Insurance policy regularly and update it accordingly if have a change in personal circumstances and goals.
A Life Insurance policy is not a one-size-fits-all product. It is a personal and flexible tool that can help you protect what matters most to you at different stages of your life.
Protect yourself and your loved ones from the unexpected with Dividend Life from Assura Protect. Offering innovative features to address the problems associated with Single Life Insurance, Dividend Life includes up to 3 Life and Critical Illness claims, 200% Multi-Claim Critical Illness cover, 200% Dual Life cover, on-demand GP and Prescription services, premium reducing rewards and discounts, and lifestyle benefits programs.
See how Dividend Life Cover, Benefits & Premiums compare to national U.K. life insurers and get a complimentary quote.
References
https://www.forbes.com/uk/advisor/life-insurance/life-insurance-statistics/