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Home > Finance > Life Insurance > Why we need Life Insurance

5 Reasons you need Life Insurance

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If you are a young man reading this thinking life insurance is the last thing in the world you need right now, the following are 5 reasons why you could not be more wrong as to why you need to take out a life insurance policy today!
1. Parents
As well as providing us with the necessities in life, earning a wage also allows us certainly luxurious in life.  Unfortunately, once we retire, our pensions are rarely enough to continue living life in the manner we have become used to while we earned a salary.  In order to offset this dramatic change in lifestyle, many children help their parents by giving them money to tide them over.  However, if you were to die today, who would look after your parents in the future – the government?  Having your parents named as beneficiaries under a life insurance policy could mean the difference between them enjoying the remaining years of their life and struggling once you have gone.
2. Spouse
If you are married, even if both of you are working, chances are you are living an expensive life.  Most likely you have a mortgage, car repayments, and possibly loan repayments.  You most probably like to go on holiday once a year too.  However, what will happen to your spouse if anything happens to you and you are not insured?  For sure they are going to have a dramatic change in their life, and it won’t all be down to the fact that you are no longer here.
3. Children
If you have children then they are possibly the biggest reason why you should have life insurance.  Children are dependent on us to buy them food and clothing.  Children need money from us to survive.  Children need us to pay for their university education.  All of these become immensely more difficult to provide for if you die without life insurance.  Would you really want your children to suffer because you don’t want to pay a very affordable premium today?
4. Pension
With a whole life insurance policy you can start to save money for when you retire.  Due to the compounding nature of interest, the earlier you start the bigger the nest egg you’ll have.  So, if you are happy with the idea of living off a government pension when you retire – fine.  Otherwise, think about getting insured!
5. Funeral costs
Today’s funeral costs are exorbitant!  If you die and do not have an insurance policy someone else will have to be responsible for paying the very high cost of your funeral.  On the other hand, if you have a life insurance policy, you can arrange the funeral party of your choice.

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