Although nobody likes to think about it, nothing is certain in life and you want to ensure your family will be supported in the event of your death. After all, losing somebody is traumatic enough without the added strain of financial problems. When you’ve taken out a policy, you can have peace of mind that your family will be cared for.
Certain financial situations are more perilous than others: for example if you’re a single parent and your children have no other financial support. Insurance could be a real lifeline in such circumstances.
Often, life insurance gives a family breathing space to grieve and prepare for the future. Dying with no insurance can leave all kinds of financial and emotional problems, whether it’s struggling with funeral expenses, a hefty mortgage or existing debts.
The average price of a funeral in the UK is over £3,700 which makes it highly expensive. However, over 50s life insurance can cover the cost of this event. Although the payout doesn’t have to contribute to your funeral, it can help.
Inheritance tax is another good reason to take out life insurance. This can put a significant dent in your children’s inheritance and bills can run into tens of thousands. Some life insurance policies can cover the tax bill.
Whether you’re a parent, grandparent or sibling, we enable you to compare life insurance quotes from a wide range of insurers. We can help you compare quotes for both permanent life insurance, which means you’ll be covered until your demise, and temporary life insurance, where you are only covered at the time of your demise. As might be expected, temporary life insurance is much more affordable and comes recommended by most financial analysts.
However, with permanent life insurance, you can borrow from your premium, which is extremely useful.
Since people are living longer, life insurance is more affordable than it used to be. Various factors can also affect your premium, including whether you have a medical examination or not.
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