Most of us feel that investing in a life insurance cover is a big burden. This specific info is especially for them. Statistics suggest that one in four breadwinners in the UK does not have a life insurance. This is an alarming ratio as the family members would be left to live a financially unstable life in the eventuality of the breadwinner’s death. That means almost one fourth of English families live under the risk of facing an economic crisis. As being a solution, the support from NHS or other authorities schemes could be taken. However , all government support is probably not enough for the education of kids, rentals, medication for essential illness or other basic facilities.
Find here a number of the myths associated with buying a life insurance policy:
Life insurance is for the man!
Any survey suggests that 45% of British men and 38% ladies are insured for a life cover. Again, both the proportions are quite low. Moreover, its general psyche that women who also do not earn do not feel the pressing need of an insurance policies. It was observed by Cancer Research that more than 140 women die every day due to breast cancer. With such an raising number of women health issues, women should not keep themselves with out a life insurance cover. Again 1 in 3 people probably will suffer from critical illness. This way, life insurance cover is vital regarding both men and women. Ignoring a life insurance cover could prove fatal as your family would be left with many financial burdens.
Contents insurance cover is enough!
Contents insurance is enough! This is another misconception. Although we get our car, house, laptops and other accessories covered by insurance, we tend take for granted the most important part of the family i. at the. its members. Losing a family member especially if one was a breadwinner may result in a sudden financial crux. Your loved ones may need to control for money required for the daily needs. Thus, even if you have got contents insurance it is always important and urgent to buy yourself a life insurance cover. You never know the future but can certainly prepare for the worse.
Mortgage cover would do!
Mortgage is a highly prevalent thing in the UK. People who have a mortgage should also go for a life protect so that in case of their accidental death, the insurer would certainly pay the remaining mortgage amount. The facts do not point to these awareness in the Brits. According to statistics, nearly 50% of men and women have a mortgage with no associated life cover. All these information and figures bring out the importance of life insurance. Be it an existing mortgage loan, a critical illness or death, a life cover aids the beneficiaries to manage the economic situation easily and pleasantly. The lump sum amount received from insurer helps in purchasing the funeral cost, mortgage, debts or other loved ones expenses.
Reasons for a life insurance cover:
To support you in case there is a critical illness
To support the family in the event of the breadwinner’s dying
To manage funeral and other expenses
For financial support for the family in the future
For paying educational expenses of the youngsters
For mortgage payments
Who needs life insurance cover?
Anybody who have dependents
Newly married couples
Parents with a new given birth to child
Every family that plans for the future
A retiree with a dependent partner
If you have a mortgage