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Why Arrange Life Insurance Cover

Dec 23, 2007
One thing none of us want to think about is our own deaths. Beyond the fact that we'd no longer be able to experience life, we can also leave our families with huge obligations. From loans, mortgages to more complex expenses that our passing would force our families and loved ones to cope with; doesn't it make sense to have protection?

That protection - short of living in a bubble - comes in the form of life insurance. Life insurance makes sense for most people; however the critical question is how much life insurance people need. This comes from how much impact a person's passing will have on family, loved ones and business partners.

Other than the need to cover funeral expenses most people do contribute greatly to the overall family expenses whether it is a bread winner providing the money to buy the food and heat the house or the person that stays at home providing the labour for the housework and looking after the family such as cooking etc. All this needs to be replaced in one way or another such as employing a nanny or a housekeeper. All this has an impact on the families' budget in the event of death.

Life insurance is a protection against unforeseen events. None of us plan on passing on, yet random occurrences happen every day. Because these events can happen and people are counting on you, both for emotional support and for what you can bring to any sort of commitment; it's important to make sure that they will be protected against anything that could happen to you.

Life can be chaotic and unpredictable and consistency and stability is important to anyone. Life insurance is designed to bring about stability to a chaotic situation that can be created in the event of someones death. In addition to that Life insurance cover can save a lot of money for example if you take out life insurance to cover your funeral that could cost many thousands.

The consequences of not having life insurance can be very troubling. Loved ones could be forced to raise funeral money via loans, or remortgage, and the financial stress of finding the 7,000 in funeral expenses, plus compensating for the income lost by a family member's death, could result in payment defaults and at worst, eviction. That is something that you never want to consider being caused by your death.

Property, the estate of those who die, can be heavily taxed, as much as 55% and is worth reading about inheritance tax. But life insurance can alleviate further problems and stop your inheritors losing out to taxes.

Thinking about death is not something that anyone wants to think about but ignoring it will only create further far more complicated problems at a later date. So helping your family now with ensuring your life is insured will give them some peace of mind when you are gone.

Life insurance may seem like another expense you don't want to be paying out, but can you afford to be without it?
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