Life Insurance

Why do I need life insurance?

It’s a question we hear often, and we get it; if you don’t have a partner or family or are young, free and healthy, why should you have life insurance?

But let us ask you a question – what would happen to your loved ones, particularly financially, if you were no longer around?

It puts a different perspective on it, doesn’t it?

Running a home, paying a mortgage, and raising a family until they are financially independent (which is becoming later and later in their lives) are all everyday expenses you need to cover. Without the protection of an insurance policy, your loved ones may find they have little to no financial provision for living costs if you should die.

You may think it it won’t happy to you and you have no need for life insurance. However it is one of them things that is outside of our control and we never truly know when our time is up.

Reasons for life insurance

  • Buying a home – if you die before the mortgage is fully repaid, your loved ones will have to pay the bill. Life insurance provides them the financial security of repaying the mortgage and/or a lump sum towards the monthly repayments.
  • Getting married – make sure your wife/husband is financially secure should the worst happen.
  • Raising a family – it’s expensive raising children, particularly when you factor in education and university, but you wouldn’t change it for the world. So, make sure their world doesn’t change for the worse should something happen to you.
  • Planning a funeral – when you die, do you want the financial burden of your funeral costs to be left to your loved ones? No, we didn’t think so. Over 50s life cover could go a long way to covering those costs and give your loved ones peace of mind.
  • Inheritance tax – when you pass away, your loved ones have to deal with paying Inheritance Tax on your estate, which could mean there’s nothing left to leave your spouse/partner or children. Probate is painful and can be a long process, meaning they don’t receive a penny until probate is granted and your estate is released, but the tax must be paid before this stage. A life insurance trust policy can help ease the burden, cover the tax liability and save our loved ones from being out of pocket.

To find out more about how you can protect your loved ones should something happen to you and which life insurance policy is right for you and your loved ones, contact Dimora Mortgages.

It’s never too early to plan ahead.

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