When a person is putting together a financial plan, life insurance can often be overlooked. Yet, this financial product can provide invaluable support to your loved ones in the event of your death, and act as a crucial safety net for those you care about most.
So why should you consider getting life insurance sooner rather than later?
1. Protect your dependents
If you have dependents, such as a spouse, children or elderly parents, life insurance can ensure they are financially protected if you pass away suddenly. That safeguards financial commitments you may have in place, such as inheritances for grandchildren and trusts for disabled family members, so your loved ones don’t have to go without.
2. Replace your income
If your family relies on your income, a life insurance policy means they can maintain their standard of living in the event of your death.
3. Enjoy tax benefits
Life insurance payouts are, in most circumstances, exempt from inheritance tax, so having this protection in place can be a highly tax-efficient way to pass on your wealth to your chosen beneficiaries.
4. Protect your business
If you own a business, a life insurance policy can form a useful part of your business continuity plan, and protect your organisation from financial problems if you die.
5. Get peace of mind
Simply knowing that you have the means to protect your family in the event of your death can be a great comfort to you, and allow you to get on with living your life free of this constant worry.
If you’re not sure about whether or not you need a life insurance policy, it could well be worth speaking to a professional financial planner.
They will work with you to assess your individual financial responsibilities and circumstances, and how it would fit in alongside your wider goals and priorities.
It can be difficult to know where to start when making big financial decisions, so speaking with a specialist can help you make informed choices, and that the advice you are getting is in your best interests.
If you have any questions about life insurance and future-proofing your wealth, please don’t hesitate to get in touch with us.
