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Life Insurance - The Basics

Many might question the point of life insurance. Perhaps you think you’re too young, without financial commitment, or consider it a luxury you can do without. These thoughts may prove to be short sighted at best, financially disastrous at worst.

life insurance coverIt is important to realise that Life Insurance can cover more than a simply a payment in the event of your death. It can include payments of income if you're sick, or of capital if you become critically ill. If you were to become seriously unwell how would you continue to meet your monthly outgoings? It is an unfortunate fact of life that many of us meet situations of illness, or even death, with no provision in terms of how we or our dependents will continue.  It's not uncommon in fact for those without cover are forced to move in with parents or relatives, and rely on the generosity of others at a time when they are most vulnerable.

If you are part of a couple when you die, your share of the mortgage, utility bills, household maintenance, car payments and travel will fall upon your loved ones. Your immediate monthly and annual outgoings would become their burden. While coping with the loss, they would also face increased bills instantly. Their entire lifestyle would have to change – the house may have to be sold, a second job may be forced upon them and the bills would continue to mount. Taking out an adequate life insurance policy would put your mind at rest, while offering your loved ones the protection of financial security in their time of need.

Starting life insurance at an early age is one of the most pro-active ways to reduce your life-long pay-outs to insurance providers. Life insurance is cheapest, and remains cheapest if taken out at an early stage in your career. You may not have a mortgage, partner or large monthly commitment at this stage in your life, yet taking out a cheap initial life insurance policy will reduce your premiums later, when these factors may be present.

At the same time, it will provide you the funds you would need if you could not earn, or the benefit of a cash pay-out to loved ones were you to die in this early stage. If you would to speak to an LGBT-friendly financial adviser about life insurance or any other financial matter, please enter your postcode under the box on the right to find an adviser near you.

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