The reasons we buy life insurance will be different for everyone, but the decision to buy life insurance is about providing financial security for those you leave behind.

The purpose of life insurance is to pay a lump sum benefit after you die which could cover your family’s ongoing expenses including children’s education and other essential living costs; it could also settle mortgages, estate taxes, bank loans, or business liabilities.

Discussing life insurance can be uncomfortable, and many of us like to think “it won’t happen to me” but the reality is that none of us knows what the future holds. So, we encourage you to consider how your family would be financially affected if you were to suddenly die.

Life insurance can protect your family from financial catastrophe should the unthinkable happen to you. This increased individual risk is the reason life insurance could be a family’s most important financial decision.

Who Needs it?

• Single: If you are supporting parents or siblings – or if you have significant debt which could be passed to your family members – you need life insurance.
• Couples: If you died suddenly, would your spouse have enough money to cover funeral costs, credit cards, outstanding loans and daily living expenses? Life insurance can ensure financial stability, protecting against the need to make drastic lifestyle changes.
• Raising Children: If you have children of any age, consider whether your family could maintain its standard of living if you died tomorrow. Life insurance can provide the security of a fully paid home, as well as education costs and living expenses.
• Nearing Retirement: If you died today, your spouse could potentially outlive you by many years. Consider whether you have adequate life insurance in place to ensure they don’t face years of financial struggle in retirement.
• Business Protection: Life insurance can protect a business from potentially devastating losses if a key person dies. Life insurance can also help surviving shareholders retain control of their company, as well as settle business loans linked to a deceased shareholder or director.

Speaking to a professional insurance adviser can help you work out:

·      What life insurance solution will best suit your family’s situation

·      How much cover you need

·      How to put that cover in place so you and your family don’t need to worry about this question anymore.