5 Reasons to Have Life Insurance
As we grow older our priorities change. We no longer spend our precious time on irrelevant things and we focus our energy on those who matter most in our lives. That’s why it’s important to establish a financial plan and secure necessary Life Insurance cover for you and your family.
Benefits to Life Insurance
Here at Financial Foresight we know how vital financial protection is for the family unit. Below we have highlighted five reasons why you should consider life insurance cover should the unfortunate happen:
1. One Less Thing to Think About
Funeral arrangements and burial costs can quickly add up and tend to be rather expensive. By having Life Insurance in place your family can benefit from financial security during a time of emotional stress.
2. Income Security
If your household is reliant on your monthly income to support the monthly bills and daily expenses, then Life Insurance is necessary. Chat to Financial Foresight today to learn how you can best provide for your family in the event of your death.
3. Children’s Expenses
Like most parents, the thought of not being there to watch them grow up is heartbreaking. However, you can provide financial security for their future by having a plan. With the help of savings, a legal will, and education planning, you can still provide for your children even when you’re not around.
4. Pay off Debts
In addition to offering your family a source of income, Life Insurance can help pay off any outstanding debt you may have. For example, if you have taken out a mortgage, your insurance policy will help cover the mortgage repayments so your family doesn’t have to move out.
5. Reduce Inheritance Tax
When you pass away, Inheritance tax is applied to your assets over £325,000, which includes your family home. With the help of Life Insurance, you can provide your beneficiaries with a cash free lump sum which they can use to pay the Inheritance Tax bill.
Financial Foresight
Preparing for death is an uneasy thought but it is crucial. For trusted, independent advice on Life Insurance feel free to book a free, no obligation consultation with our financial advisors today. We’d be happy to discuss the importance of trust planning, estate planning and more to support your family when they need it most.
