You’ve probably heard people talking about life insurance during some point of your life. Some
people have probably had mixed reviews. I’ve personally heard quotes like “it’s a waste of money”, “it’s just another way for the financial industry to get more money out of our pockets”… the list could go on. EasylifeCover has decided to do a small post explaining 8 reason we think life insurance is essential, not only for you but your loved ones as well.
So here’s the:
8 reasons life insurance is essential
1. No one knows the future.
On any given day it can be our time to pass in this life due to unexpected illnesses or even because of natural causes. By securing a decent life insurance policy you are making sure your family and loved ones are looked after when you die. This can include mortgages, bills and university bills. The payment your family will receive will be tax free and even though you can’t be replaced in their hearts you are planning for their financial future thus making things easy for them after you pass.
2. Funerals can be very expensive.
Funerals can cost between €5000 – €10000 and this is just the average cost of a burial. Coffins and headstones do not come cheap, even in time of recession. Your family will have a difficult emotional time as it is without adding financial burden as well. Life insurance can make sure your family have time to grieve without adding unnecessary financial stress to the mix.
3. Protect those closest to you.
During your life you will work hard to make sure those your loved ones are taken care of. You need to make sure you provide financial support for your families living costs. Even though you may pass their life has to go on as normal. Life insurance will protect them while the readjust.
4. Don’t let them inherit debt.
Life Insurance can help your family cover any financial responsibilities that are left after your passing. Debt can be a tremendous burden, on top of the already emotional toll your absence creates in their lives.
5. No one knows when they will become ill.
If you develop a serious illness, you may not even qualify for life insurance. If you have a terminal illness, life insurance can provide you with financial support.
6. Take care of business.
Life Insurance isn’t just for people it can be taken out for business purposes as well. It can protect a business from financial loss, liabilities or instability in the case of the death of a business owner or director. It can be used to take out short-term cash loans or provide the business with operations costs.
7. It makes total sense financially.
Life insurance is considered a financial asset, which will help increase your credit and can increase your chances of being accepted for a loan. Many policies have cash value, which even in case of bankruptcy cannot be touched by your creditors.
8. Peace of mind, plain and simple.
In your loved ones minds you’re irreplaceable and what better way to support your loved ones after you die with financial assistance. Not only are you providing for them, you are also giving yourself peace of mind knowing that they will be ok in the event of your debt.
Let EasylifeCover.ie help you decide on the best possible life insurance policy to ensure your loved ones are protected. We’re a friendly company that only has our clients in mind. Call us now on 1890 917 917