If you die, what financial impact could that have on your family?

If you die, what financial impact could that have on your family?

No one likes to talk about the inevitable but it’s there whether we like it or not.  In 2012 nearly half a million people passed away, with the biggest cause being attributed to cancer sadly, closely followed by heart related problems.

However, it’s not all doom and gloom.  People are actually living longer on average but these two facts do bring into question the exact reason why life insurance is such an important thing to have.

Today, The Cheapest Life Insurance takes a look at the financial implications a critical illness or death might have and what you can do to make sure those you love most are looked after.

If you are single, or a single parent or if you are indeed married or with a partner, it’s worth giving life insurance some thought.  This is even more important if you have children of course because you should be asking what they would do without you there – both in person and financially.

For example, let’s consider a couple with young children in rented accommodation.  Let’s assume they have no debts but equally let’s also assume they have no savings.  Should one of them die, aside from losing that partner’s income who would be there to help pay the bills?  Pay the child care? Or pay the rent?

This is why having life insurance can be a real security blanket.  It means that should someone die, then they can at least provide financially for their children and partner in their absence.  This could really help where it comes to paying that rent and paying for that childcare.

We know it will never bring a loved one back, but many people would not want the person they love to suffer if it’s avoidable.

Life insurance can be lower than you think too and in some cases as little as £5 per month.  Such a small investment could make such a major difference when it counts the most.

Our tip is to consider it now and get on with living the life you have – at least knowing should the worst happen you will still be able to look after your family.

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