Not everyone needs Life Insurance. If you don’t have any dependents or liabilities (e.g. a mortgage) that you’d want taken care of if you were to die, then Life Insurance possibly isn’t for you. Moreover, Life Insurance isn’t compulsory, not even if you have a mortgage.
However, many clients with families and mortgages look to Life Insurance to provide valuable protection to their loved ones should the worst happen.
Two of the most common uses of Life Insurance include covering the outstanding mortgage balance, allowing your loved ones to stay in the family home should you pass away. Alternatively, you may use your Life Insurance to provide financial security for your family after your death.
A combination of the two is of course also possible depending on your needs – discuss with your adviser regarding the appropriate level of Life Insurance for your circumstances.
What’s the Risk of Passing Away?
We’ve used our Life Expectancy Calculator to work out the risk of a healthy male of three different ages passing away over the next 10 years:
|1 in 112
|1 in 53
|1 in 23