Life insurance can be a sensitive topic, a topic that people like to avoid until they are forced to face it. And often we only realise too late that we should have more provisions for our loved ones. It is as simple as getting a life insurance policy out to provide for your family if the worst should happen and life insurance for over 50s with no medical issues is extremely affordable for most – it will be worth it in the end.
So your family is financially comfortable
The loss of a parent or partner has a significant impact on the family finances, regardless of whether they were the main source of income or not. A couple relies on each other financially and lives within the means of their combined income, or if you are a stay-at-home parent then you are relied on for childcare and maintaining the household – meaning the surviving parent will have to make accommodations after you are gone. No matter what you earn in life, your death will have a huge impact on the financial well-being of your family in an already difficult time for them. A life insurance policy helps ease the stress and pressure that they will be under, helping them to pay for your funeral or childcare, or make up for your lost salary whilst they are learning to get by without you.
So they can stay in their home
One of the main family expenses is the rent or mortgage. To keep your children living in the family home you can create a safeguard by getting life insurance to pay out after you are gone. This way they can pay off the mortgage or keep up with rent payments and avoid the upheaval of having to move to a new home whilst also having to deal with their own grief. If you can reduce the stresses they will face by even a little, it is worth it.
So they are prepared for the unexpected
In life, we can sometimes find that everything happens at once and we are not protected from minor disasters during the grieving process. An unexpected expense is difficult enough to deal with when you are financially stable, if your partner suddenly has to pay for car repairs or a broken boiler in the aftermath of your death then they will likely struggle to pay for it on their own. It can be very easy for these expenses to escalate, and it can lead to a major financial disaster. Life insurance helps provide them with a safety net to cover anything that comes their way.
So they do not have to cut back
Regardless of how much you earn, your partner will rely on you in some way and your lifestyle is based on both of your contributions. Without you to look after the kids, your partner may need to pay for childcare or after-school clubs. Without your income, your partner may need to cover twice as much rent. In this case, your family will have to cut back and make some lifestyle changes to make up for the loss but with life insurance, they can carry on living the life they are used to.