Life insurance is one of those difficult subjects that no one wants to talk about. A lot of people struggle to broach the subject with their loved ones – no one wants to imagine a time when they are not around anymore.
However, life insurance is essential. It’s probably one of the most important types of insurance that you can get. Here at Burton&Fisher, we believe that it’s also an extremely important part of your financial plan.
There is a lot of confusion surrounding life insurance – why is it so important?
It Protects Your Loved Ones
Life insurance is there to replace your income if anything were to happen to you. It will help your loved ones to pay the mortgage, household bills and any other costs that you usually contribute to. It will help them to continue living their life without worrying about money. Losing a family member is stressful enough, so make it a little easier by having a good life insurance policy in place.
If you don’t have any other inheritance, this allows you to still leave something behind for your family. It could be an excellent way to secure the financial future of your children.
Help to Pay off Outstanding Debts
Although it’s horrible to think about, no one knows when they are going to die. This means that it’s important to be prepared for the unthinkable. Debts are a part of life and they don’t go away after someone dies. Debts such as mortgages, credit cards and loans, still need to be paid off and this will unfortunately fall to your family.
By having a life insurance policy in place, you’re ensuring that your loved ones have the money to pay off and settle all outstanding debts. This means you’re not leaving them with any of your financial problems in an already stressful and emotional time.
Gives You Peace of Mind
There are lots of uncertainties in life – but you can help make things a little easier. Life insurance can give you and your family peace of mind, knowing that everyone is covered if anything devastating were to happen. This means you can get on with your life without worrying about the ‘what ifs’ – enjoy the time you have with your loved ones!
Money can’t replace a person but it can make things easier.
Looks After Your Business
Life insurance isn’t just there to look after individuals and their business, it can also be put in place to protect companies from suffering financial loss or ruin. If a business owner or partner suddenly dies, it can provide the cover needed to keep the business running. It can be there to help keep everything running until important decisions are made.
If you would like to speak to a financial advisor to discuss life insurance, please don’t hesitate to contact us.
Burton & Fisher Financial Services offer clear and impartial advice, helping you find the right solution for your individual needs. Regardless of whether you’re looking for insurance or pension advice in Lancasterand Morecambe, we will be more than happy to help.