Do I need life insurance?
If you need convincing that life insurance is a good product to buy, then ask yourself one thing. If you were to die, how much money would your family have to live on?
Many families would likely find themselves running very short of money, very quickly. With rent or a mortgage, bills, and other expenses to pay, and with your salary no longer coming in each month, those you leave behind could find themselves struggling financially at an already challenging time.
Life insurance could offer a lifeline
A payout from a life insurance policy could make the difference between your loved ones facing extreme financial difficulty and being able to continue the sort of lifestyle they enjoyed while you were still around.
Even if you’re not the main breadwinner, think about the services you provide to your family that would be stressful – and importantly, costly – to replace. You may be the primary caregiver for your children, providing important housekeeping and other home-based services that are vital to your family’s wellbeing.
Vast majority of claims paid out
Many people don’t buy insurance because they believe that insurers won’t pay out on their claim. However, data from the Association of British Insurers shows that a record 98.1% of life insurance claims were paid out in 20191.
1ABI, 2019
