09 May 2021 Why is Life Insurance so important to have in place?

Although Life Cover is not compulsory by law, more and more parents and families are now realising the importance of having something in place to protect their loved ones, and do not want to leave them in any financial difficulty.

It is estimated that only 30% of the UK population has Life Insurance in place. Statistics tell us that sadly 1 in 2 people in the UK will develop some form of Cancer or serious illness in their lifetime. Therefore, it is important to raise awareness of the benefits that the cover can provide.

Life Insurance is designed to provide a financial safety net for your partner, husband, wife, children or family members, in the event that you were to sadly pass away. They could use the money to pay off any outstanding mortgage, pay off your outstanding debts, pay the rent, enable them to give up work or reduce hours for childcare purposes and many other options.

It is also important to make sure any Life Insurance policy you purchase has been written into trust. Many people do not realise how important this is.

This will enable you to avoid the lengthy probate process and will also enable you to avoid your loved ones having to pay inheritance tax. If you would like a free quotation or some free advice in regards to these issues, please do not hesitate to contact us and we will arrange an appointment at a time and day to suit you with one of the advisors at Bespoke Financial who can go through this with you in detail.

You can also purchase a critical illness element, which in the event you are diagnosed with a condition on the policy wording would pay out a tax-free lump sum of money to help with your recovery. You could use this to pay your monthly bills and keep you financially secure while you have time off work to recover, or you might need to make necessary modifications to the home ready for you to return.

Michelle Denton