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Life Insurance

40% of homeowners don’t have Life Insurance

Why you should consider Life Insurance and why it’s important for your family

Latest research from MoneySupermarket has found that two fifths of homeowners don’t have Life Insurance. The research highlights that there are many misconceptions about insurances any why they are needed. Leading to homeowners not taking steps to protect their financial wellbeing.

Adam Nanson, impartial mortgage broker from Your Mortgage Expert discusses why Life Insurance is an important choice for your finances and family.

Why are people not taking out Life Insurance?

“If you have loved ones, children and people who financially depend on you, we always advise our clients to consider some form of Life Insurance Cover. Life insurance pays a cash sum to the people of your choice upon your death. This means that outgoings like mortgages and household bills can be covered. This research has found that 40% of people aren’t even considering it which is really worrying.

“The main reasons given for not taking out life cover include the perception that cover will be too expensive. Or that they think they don’t need life cover. Some said that they didn’t want to think about the difficult topic of Life Insurance.”

Why should I consider Life Insurance?

Adam Continues:

“We often advise our clients to think about your monthly expenses as a family or a couple. Would these still need to be paid if you weren’t around? Think about whether your household relies on your income to help pay those bills. Would they cope financially without you?

“If the answer is no, or you’re not sure, then you should speak to an impartial broker like Your Mortgage expert. Life Insurance cover needn’t be expensive and we can talk about different options to help keep it more affordable. As an impartial broker, we can advise from a wide range of providers to ensure you select the level of cover suitable for you.”

There are a wide range of options to choose from and we can help you understand what is for you. We offer impartial advice on a range of personal protection insurance products to help look after you and your family. Some of these products can be complicated so it’s best to speak to someone to find out what’s most suitable for you.

Simply call us on 01722 322683 or complete a contact us form on our website and tell us when it would be best to get back in touch with you.

The information contained within this article was correct at the time of publication. It is intended for information only and does not constitute advice. Your Mortgage Expert Ltd and Mortgage Advice Bureau cannot be held responsible for information that was correct at the time of publication but subsequently changes or goes out of date due to changes in legislation.

*source: https://www.yourmortgage.co.uk/insurance/two-in-five-homeowners-dont-have-life-insurance/

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