Is Life Insurance Less Expensive Than No Insurance?

If you were to pass away suddenly, would your other half struggle to pay the mortgage?

If you suddenly weren’t there, would your family struggle to pay the day-to-day bills?

Would your family struggle to live the life they live now if you were to pass away?

If people rely on your income for their day-to-day lifestyle, their standard of living could be severely affected if you were no longer there and they weren’t protected. Their financial stability would become almost non-existent.

What if there was a way to secure your families long-term financial security in the event of your untimely passing. What if I said that you could get this security for roughly the price of a monthly Netflix subscription?

Life Insurance is vital to protecting your family from financial ruin!


What is Life Insurance?

Life insurance is an important step in giving your family the peace of mind of knowing that they will be financially covered if you were no longer around to provide.

You want to be sure that your family will be looked after if you suddenly aren’t there.

Life insurance can make this happen.

You choose the amount of cover you need and how long you need it for; paying premiums either monthly or annually. These policies pay out a lump sum of cash to whomever your beneficiaries might be upon the event of your death.

This product is essential if you have outstanding debts, loans or a mortgage on your home; but especially important if you have dependents. Without your income, the family could struggle with payments such as household bills, child-care costs, education fees, etc.

Alternatively, if you’re a home-maker, your family could find it difficult to cover the cost of finding someone to look after the children or another family member if you were no longer around. Losing a loved one is never easy, but having life insurance in place can ease the financial burden at an emotionally difficult time for the people you care for.


Millions of Mortgage Holders don’t have Life Insurance!

According to a recent study of 3000 UK adults, found that over a third didn’t have life insurance.¹ However, of the 11.1 million households that are mortgaged, only 50% of them have life insurance.²

This means (roughly) 5.55 million out of the 11.1 million mortgaged properties in the UK do not have life insurance. The rising levels of mortgage debt and unsecured debt (such as credit cards) make this statistic rather concerning.

Dan Hutson, the Head of Life Insurance at Compare the Market, said:

“Life insurance should be considered essential for those with a mortgage. It is concerning to see that so many people in the UK do not have protection, meaning family members, dependents or beneficiaries could be saddled with debt should the worst happen.”

He’s got a point too.

It’s been estimated that 93% of families do not feel they have adequate financial protection. Looking at this, it’s easy to see why.

The average value of:

A mortgage: £120,000
Household bills per annum: £19,500
Food bill per annum: £2,770
A funeral: £4,100

How would your family cope with acquiring these expenditures without your income? Not getting life insurance is playing Russian Roulette with your families future.

These are the types of expenses your loved ones will naturally inherit if you are not covered- and more.

Life insurance can:

  • Cover the costs of day-to-day living, education, rent, etc.
  • Clear joint debts to relieve the burden on the surviving signatory
  • Cover the costs of your funeral

If you want to provide financially for your loved ones after you die, life insurance is essential.


How much does Life Insurance cost?

The equivalent of just a few pence a day will ensure that your loved ones are provided with the financial security they need.

However, the price you pay is dependant on a number of factors, including:

Age; health; lifestyle; whether you smoke; the length of the policy and the amount you want to cover.

Take this as an example:

The younger you are and the less likely you are to die from a medical condition, the cheaper your policy will be.

With that in mind, you’d be smart to take out a policy sooner rather than later.

The average pay-out on these types of policies comes in at around £33,000.

2016 saw £12.5 million paid each and every day for these policies, totalling to a whopping £4.6 billion for the year.


What now?

If you’re looking to maintain the financial security of your family, even after your gone then you need to get life insurance.

Take our free assessment.

Fill that out and we can help you find the RIGHT policy, at the RIGHT price.

Remember, this will be done on a strict, non-obligated basis so you don’t need to do anything that you’re not comfortable with.

What’s the harm in trying?