Is life insurance worth it?
Not everyone needs life insurance, but if your children, partner or other relatives depend on you financially, including parental responsibilities, taking out life insurance could be worth it to help provide for your family in the event of your death. In this article we’ll take a look at why life insurance is important for many people to consider.
Is life insurance a good idea?
If you’re a homeowner, a parent, or responsible for anyone else’s financial security, life insurance is something you may wish to think about. If you pass away during the policy term, your loved ones could receive a cash sum, which can be used to meet their ongoing living costs.
When is life insurance worth it?
If you have financial responsibilities, life insurance could be worth considering at any age. However, life insurance tends to be cheaper when you’re younger, as your premiums are calculated on the basis of your age and health, among other factors. Aside from age factors, you may want to consider life insurance during particular periods in your life when other people depend on you financially, whether that’s a partner, your children, elderly parents or a dependent family member.
Remember that life insurance can be tailored to meet your specific needs; you can decide on the type and amount of cover you need, the premium you can afford and how long you want it for. Our life insurance calculator can help you figure out how much cover you need. But the real benefit to you isn’t just a financial one – it’s the reassurance that those close to you won’t struggle for money when you’re gone.
Life insurance for partners
If you’re not the ‘breadwinner’, is life insurance worth it? Life insurance is not just for high earners, it can be invaluable for a range of households. If you look after the children at home, that takes time, energy and comes at a cost. Ask yourself, could your family manage if you were no longer around? Would your partner have to take time off work to look after the children? Your life insurance policy could help with some of these worries by paying a cash sum which could be used to help towards the mortgage for example, or covering everyday living costs such as childcare.
If you have a partner or spouse, you can decide whether to get single or joint life insurance. The latter pays out upon the death of the first insured person, at which point the policy ends. However, you can have two single policies as a couple, which means that even after the first death, the surviving partner still has their own policy.
Is Legal & General Life Insurance worth it?
Our Life Insurance offers peace of mind, no matter what the future may bring. We offer two types of cover:
Life Insurance - Your chosen cash sum could be paid out if you die during the length of the policy. It could be used to help protect the family's lifestyle and everyday living expenses or help to pay the mortgage (interest only).
Decreasing Life Insurance - This is designed to help protect a repayment mortgage so the amount of cover reduces roughly in line with the way a repayment mortgage decreases. This means your loved ones could continue to live in the family home without worrying about the mortgage.
Please remember that life insurance is not a savings or investment product and has no cash value unless a valid claim is made.
So, is it worth having life insurance? Every household has different needs, but if you want to help provide for your family at a difficult time, life insurance really could be worth it.