Do I need life insurance?
If you have anyone in your life who depends on your income – like children, a partner or spouse – or if you have a mortgage, then the short answer to ‘Do I need life insurance?’ is ‘yes’. That’s because life insurance is a great way to help protect your family financially should something happen to you.
How does it work?
Put simply, life insurance is designed to pay out a cash sum if you die during the length of the policy, which can be used to help pay the mortgage or help protect your family's lifestyle and everyday living expenses. That’s why life insurance is a good idea.
Putting it off
It’s surprising then that so many of us still manage to find reasons to delay or avoid getting life insurance. We surveyed 1,000 parents* without a life insurance policy and three big answers came up time and again:
- It’s too expensive
- It’s too confusing
- I’m too young to consider it
Busting the myths
While it’s not nice to think about dying, we can all see the wisdom in protecting our family’s financial future regardless of how old we are. And since premiums can actually be cheaper if a policy is taken out earlier in life, getting covered sooner rather than later makes good sense. Depending on your circumstances and needs, our life insurance starts from just £6 per month. As for the perception that arranging life insurance is complicated – it doesn’t have to be this way.
In short – ‘Do I need life insurance?’ Yes, you probably do.
Making it clearer
For starters, our online quote system can get you a life insurance quote in under two minutes and you’ll get an instant online decision if you decide to apply. But to help you figure out what type of life insurance product (or group of products) might be right for you, we’ve developed this handy life insurance decision tree:
*Poll conducted in January 2017 with 1,000 parents from around the UK.
Please be aware that life insurance is not a savings or investment product and has no cash value unless a valid claim is made.
Find out more about life insurance
Find out more about decreasing life insurance