Life insurance is first and foremost as I said earlier, all about the protection of your loved ones. When you pass, the cost of a funeral can amount to thousands of pounds. Leaving that to your family, as well as the stress and upset they would already have from your death would be hard. They would have the financials to worry about too.
As well as this, if you are the main bread winner, when it comes to your family, you would want to ensure you leave your spouse with enough to still live their lifestyle without you. Just think as a family you would need to find a way to replace the income that you have lost. Life insurance can you do that for you, ensuring that your family are financially stable. If you have any children, this is another thing that you would be freeing your family’s stress of. Covering any education, you might want to have or any additional coverage they may need.
As well as every day and normal lifestyle income, you would need to be able to provide help with any debts or mortgage payments they would need to be able afford. The last thing you would want, is your loved ones having to up and sell their family home, because they can no longer afford to live there.
When you are thinking of purchasing life insurance you need to be thinking of certain factors. One of the main concerns you will need to sort is making sure your life insurance is put into a trust. Without doing so you could end up paying the tax man 40% of your savings. You shouldn’t pay the premium of losing 40% of your hard-saved money, without even touching it! It’s always worth having your current policies checked over, just to ensure nasties such as this don’t pop up to surprise your family after you pass.
Start putting towards the protection of your family today, by taking out a life insurance policy. Unsure of where to start and what all this means? We are here to help, contact Bespoke Support Network today and we can advise you on the best possible solutions for you and your loved ones.