Life insurance can form an important part of a solid financial plan. Depending on your current situation and choice of policy, life insurance can be a very small monthly cost, which means there is no excuse not to get protected today.
Protection insurance can replace your income in the event of your death, diagnosis of a critical illness, sickness, or injury. This can be important for your family if you have young children or a partner who would struggle to sustain their standard of living without your income.
Even if you don’t have much in the way of assets, you can create an inheritance that is exempt from inheritance tax by buying the correct life insurance and naming your heirs as beneficiaries.
Protection insurance could mean that your family get to stay in their family home should the worst happen. Money can never replace a family member, however, it can help provide peace of mind that your family will be secure even if the worst were to happen.
According to estimates by Swiss Re the life assurance protection gap for the UK is 2.4 trillion that works out at about £100,000 per person.
Life insurance is not expensive with the average cost of £100.000 for a healthy 35yr old non smoker at less than a £1 a day its an affordable expenditure.
18% of UK citizens wrongly believe that if they die their credit card debts die with them.