Find out when you may and may not need life cover to help you decide if it’s right for you.
It’s worth considering life insurance if you have people who depend on you financially, such as:
Having life insurance means that your family will receive money after you’re gone. This money can help take care of them at a difficult time. The money could be used to:
Every family’s circumstances are different. It’s important to think about how yours would change if you were no longer around, as hard as that may be.
You may not need life insurance if:
If you’re not the main earner of your household, you may think you don’t need life insurance. But don’t overlook your contribution.
For example, if you’re a stay-at-home parent – would your partner need to pay for childcare so they could continue to go to work?
You may already have some life insurance through your employer. If so, check what’s included to see if you need extra cover.
Think about how much cover it gives and for how long. Does the term match how long you will need it for? You may also want to consider what would happen if you changed jobs, or decide to own your own business where you’ll no longer be covered through an employer.
Talking to loved ones about financial arrangements after you pass away isn’t something we like to think about too much, but it can help to be open and practical, so you all know what the long-term plan is.
Now is a good time to start having conversations about how your family will manage for money, if you or your partner passed away. It can help you understand if you need life insurance – and how much cover you might need.
If you’re unsure about what’s right for you, our financial advisers can help you decide.
The more practical discussions you can have with your family now, the better – it can make a difficult time just that little bit easier, including making sure your family knows:
It’s not easy to think about life insurance and what will happen after you’re gone. But it can make a world of difference to your loved ones and give them one less thing to worry about.