Life insurance is one of those things. One of those boring, old-person, put-off till later things, that people tend to create all the excuses under the sun to avoid doing.
In reality, there are plenty of good reasons to get life coverage.
At Bequest, we have created a platform where anyone can secure their family’s future and wellbeing. We believe that education of the life insurance business should be available to everyone, not a luxury for the fortunate few.
While it can become even more important as you gain a partner, a family, or more control over more assets, insurance is a necessary safety net that everyone should have. Once you have life insurance locked into place, you can breathe easier knowing that if the unthinkable should happen, your loved ones will not have to worry about all the finite financial details.
Now, let’s take a look at some of those important reasons why you should buy life insurance today.
1. Pay final expenses ⚰️
It's well known that the cost of a funeral can be a huge burden for a family following death, on average a funeral costs £4,321. Trying to find thousands of pounds under the couch cushions will only add to the stress and pain.
Instead of worrying about how much it will cost, proper cover can allow your family to plan the funeral they know you deserve. It can lift a financial burden and help them focus on what really matters during this time, remembering their loved one.
2. Cover children's expenses 🧸
Every parent wants to help support their children. Whether this is emotionally or financially, their first car or new shoes, a wedding or a deposit on their home. You may feel a sense of dread that you won't be able to support them financially should you pass away.
One of the best reasons to get life insurance is to give them simple and trustworthy financial support that you would love to give, even after you pass. This allows your children to feel your support, helping them achieve their life goals.
3. Replace a partners income 💷
Your household is most likely going to be at least co-dependent on one income after a partner passes. Without this, bills could soon go unpaid and bring about a whole new world of financial stress.
While life insurance can't replace the benefits of a monthly income forever, it can help bridge the gap. A comprehensive policy can give them the time and space they need to adjust.
4. Pay-as-you go 🔄
Our new 'pay-as-you-go' method is perfect for those who are hesitant about the traditional workings of life insurance. This is much more adaptive and allows you to stay in control.
We value openness and simplicity. Being able to amend, pause for a particular time, or cancel your policy on the go, gives you more confidence that you're getting a policy that fits your needs. It makes buying life insurance easier than ever, which is the perfect reason to get involved.
5. Pay off debts 🏦
It's a common and sometimes dangerous myth that debts die with a person. If debts are joint, then the other person becomes liable for the debt and if they are in someone's name alone, this will come out of the estate that they leave behind.
A mortgage is the greatest example of this, the high monthly payments can quickly become unpayable on a single income. Life insurance can pay off these debts and help with the monthly outgoings.
6. Buy a business partner's shares 💱
If you have a business partnership and you don't have life insurance, what is the hold-up? In the unfortunate event of one of you passing, you often need cash to buy the other's interest and pay for the basic necessities of the company. This can often mean that the company has to be sold.
You need to be able to protect yourself and the company you have built together in the event of a worst-case scenario.
7. Pay off inheritance tax and other death duties 🧾
For those who have had to deal with a death, you know the sheer amount of admin that goes into it. Sometimes the costs go well beyond paying for just the funeral.
Often inheritance tax would have to be paid, among other death duties too. Having dependable cover simply means making your loved ones' lives more simple, at a time when life has just become a whole lot harder and more complicated.
Death is one of the unfortunate certainties in life that will eventually come to us all. It makes perfect sense to keep your loved ones financially protected should anything happen to you. That being said, it's also important to get a policy that works for you and your situation.
Once you have made decisions that fit your values and unique circumstances, you will feel as though a weight has been lifted from your shoulders. Whether it is paying for a funeral, a mortgage, or even your children's education, there are many great reasons to get life insurance. Check out our article "What Is Life Insurance And How Does it Work?" for more info.
At Bequest, we want you to know that while the administration of getting life insurance can be overbearing and emotional at times, we are here to help guide you. What’s your reason for getting life insurance? 💛