Insights

Five reasons why you should have life insurance – Many homeowners don’t

New research has found that a staggering amount of homeowners do not have life insurance. We have listed five reasons why you should have life insurance.

Understanding

A staggering 2 in 5 homeowners don’t have life insurance.

MoneySuperMarket’s latest study finds that only 58% of homeowners have life cover, while 40% have avoided taking out a policy.

The top reasons cited by Brits for not taking out life insurance are:
1. They don’t believe they need it due to having other financial arrangements in place (40%)
2. It’s too expensive (39%)
3. They have an underlying health condition, making life insurance difficult or too expensive (14%)
4. They don’t want to think about it (14%)
5. A mis-held belief that Insurers never pay out so there’s no point (12%)

With this in mind it is time to understand why having life insurance is essential.

First off, an increasing number of homeowners are opting for 35 year, or longer, mortgages.

Homeowners will be paying for their homes, for longer than ever, and time waits for no-one, sadly.

Why you should have life insurance

So here are some compelling reasons why you should seriously consider it:

1️⃣ Protect your loved ones: Life insurance provides financial security to your family in case the unexpected happens. It ensures that they can maintain their lifestyle, pay off debts, and cover expenses even without your income.

2️⃣ Mortgage protection: If you have a mortgage, life insurance can help your family pay off the remaining balance if you pass away. It provides peace of mind, knowing that your loved ones won’t be burdened with the mortgage payments.

3️⃣ Funeral expenses: Funerals can be costly, and the last thing you want is to leave your family with a financial burden during an already difficult time. Life insurance can cover funeral expenses, relieving your loved ones of this financial strain.

4️⃣ Business continuity: If you’re a homeowner and a business owner, life insurance can ensure the continuity of your business by providing funds for key expenses or supporting your business partners in case of your untimely demise.

5️⃣ Estate planning: Life insurance can be a valuable tool for estate planning, helping to preserve your wealth for future generations.

It’s time to prioritise your loved ones’ well-being by getting life insurance.

Talk to an insurance professional team today and secure peace of mind for you and your family.

If you’re looking for advice Get in touch and we’ll talk you through your options, or sign up to our monthly newsletter.