Here at Bequest, life insurance is at the heart of what we do. We believe it to be so important that we’ve focussed our entire company around it. In case you still don’t know why you need life insurance, we’re going to try and help you imagine what a world without it would look like. 🥰
We’ve already looked at what a world without insurance would look like, and to be honest, it’s not a world you’d want to live in. 😬
So what would change if life insurance were to disappear? For many people out there, especially the younger generations, imagining a world without life insurance is quite easy, because it’s their reality. Plenty of young people haven’t bothered to even consider life insurance because they think death only happens once you’re old. Stop and take a minute to think about what that actually means and you might just change your tune. 🤔
Funerals would be a thing of the past
Funerals can be an incredibly expensive undertaking, and while eligible people can claim funeral benefits to help pay for them, they can still cost a ton of money. The average cost of a simple funeral in the UK is over £4,000 😳, which most people don’t just have sitting around. Many families may choose to not have a funeral simply because they need that money for other things like their mortgage, school fees, or car repairs. A life insurance payout can help give your loved one the send off they deserve, so if life insurance didn’t exist, families would be left to make some difficult choices.
Families could be left to deal with a whole lot of debt
Taking away the cost of a funeral, the loss of a loved one can still have huge financial consequences. For any two-income household that becomes a single income, the struggle can be unbearable. If you have a joint asset or payments and die with a mountain of debt, that doesn’t just disappear — your loved ones are left to deal with it 😰. The death of a loved one is hard enough as it is without the added stress of wondering how the bills are going to get paid.
More people would be both mentally and physically ill
Financial stress is not only a mental strain, which can contribute to anxiety and depression, it can also manifest itself in physical conditions. Things like migraines, insomnia, digestive issues and cardio-vascular health 🫀 can all be contributed to financial stress. In a world without life insurance policies, the pile up of debt after the death of a loved one could be enough to cause physical and mental harm on those still alive.
Higher level education would be out of reach for many young adults
A fair number of young adults rely on the bank of mum and dad to help pay for uni, which definitely comes into consideration when parents decide to take out life insurance policies. It helps ensure their children’s needs will be taken care of even if something were to happen to them. Take life insurance away, and young adults have to deal with the loss of both their parents, and their dream of pursuing higher education. 🎓
Death would not be as comfortable
Generally speaking, no one really wants to die and leave all their loved ones behind. What makes death easier is knowing that your loved ones are taken care of after you go. Depending on your circumstances, your end-of-life care can be quite costly. If you have to move into a hospice, or require round-the-clock care from an external provider, those costs can add up quickly. People would be far less likely to accept the care they need if they knew it would put their families into debt. Those who are sick can get the care they need leading up to their death without hesitation knowing their life insurance payout will take care of the extra costs.
🔑 Life insurance exists to help financially support the loved ones that are left behind. However, if you’re unsure as to what life insurance is and how it works, feel free to reach out to us. We’re more than happy to give you additional information and answer any questions you might have! firstname.lastname@example.org 💛