Life Assurance is quite a personal decision to make. Only you are aware of your own circumstances,and thus it is only you who can say whether life assurance will actually benefit you. However, there is more obvious criteria for people to purchase this type of cover.
1. If you’re planning on starting a family or have a young family, life assurance can be a great benefit to you. Bringing a child into the world is a huge responsibility. You don’t mind getting up in the middle of the night to feed your tiny bundle of joy, or to hold a little one after a bad dream, do you? It makes sense too then that you’ll safeguard against almost anything to protect his or her future.
2. Singles without any dependents may consider life assurance for reasons such as funeral costs. However, again it is worth looking into what other insurances or types of cover you have. If for example the person pays rent and does not have a mortgage, and does not have any dependents, then life assurance may not suit.
3. Children generally don’t have dependents and therefore have no need for life assurance. Of
course, that’s not to say that nobody has ever benefited from taking a policy on a child’s life.
4. Cohabiting couples without children may benefit from life assurance policies. In particular, if
one earns more or even if he or she wishes to leave his or her partner more comfortably off.
The most common factor arising here is circumstances. It is a fact that some people simply have no
need for insurance. While there are companies out there will try to scare people into purchasing
insurance, we don’t. We might know about cover, but only you know about your own needs.