Many people think about getting life insurance when one of life’s big events introduces new responsibilities. In other words, something major has happened that may make it important to protect your ability to financially support yourself or other people.
Here’s a quick summary of some life events that signal it could be time to review the need for life insurance cover:
Sharing a mortgage
Whether you share a mortgage with a friend, life partner or investment partner, life cover can help to protect their interests if you were to die. It can pay a lump sum that could be used to help repay some or all the remaining loan.
Settling down with a life partner
Choosing to spend your life with another person includes looking out for each other. Life cover can help support your partner if the worst should happen. It provides a lump sum that could be used to help repay debt or continue building the dreams you shared for the future.
Supporting family members
If you’re financially supporting parents, siblings or other family members, different types of life insurance can help to protect their future. You can choose to cover with a monthly benefit or a lump sum, depending on your circumstances.
Growing your family
When you have children, protecting your ability to support them financially is part of good parenting. And if you’re a single parent, it can be even more important. As your family grows, we recommend you review your level of cover to keep up with financial commitments.
Going into business
When you own a company, or part of one, sickness, injury or death are risks that can seriously impact your business’s future. Life insurance for business can help to ensure your enterprise can continue trading, repay loans and even buy partners out, if necessary.
Getting older
The simple fact of ageing is a reason to get life insurance cover. Health problems generally increase with age, so taking out life insurance before you get any kind of age-related ongoing medical condition usually means you have a better chance of more cover.
