19 2019

Why You Need Life Insurance in Surrey

by admin

You are most likely aware of what life insurance is, but if you are like many people, you may not have considered whether you need a life insurance policy in place. No one likes to think about it, but what would happen to your estate or to your family in the event of your untimely death?Having life insurance in Surrey cannot take away the pain felt from losing a loved one, but it can help to ease the financial burden for those left behind and ensure your family continues to be well provided for.Here are a few of the most common cases where someone should have a life insurance policy in place.

You Have a Family

As a general rule, you should have a life insurance policy in place if you have dependents who rely on your income, such as children, a spouse, or aging loved ones. It is recommended that your family have 5 to 7 years of income available to them in the event that the primary income earner passes away. These funds will help to pay for funeral expenses, clear outstanding debts, ensure your family is able to continue to make mortgage payments, and has enough money left to live.

You Have a Mortgage

Regardless of your family situation, coupled, married or single, if you own a home with a mortgage and do not have mortgage protection, you should have life insurance. In the event of your death, if you own a home that is currently mortgaged and your estate does not have enough funds to cover the balance of the mortgage, your partner or loved ones will now be responsible for the mortgage balance. Life insurance in Surrey can provide the funds to cover the mortgage balance in the event of your death so the investment can be passed on to those you care about.

You are Young and Healthy

Really. This may seem a little surprising, but the best time to purchase life insurance is as a young healthy adult. This is because you will be able to secure lower premiums the younger you are. If you plan to purchase a home or eventually start a family, buying life insurance in your 20s vs in your 30s or 40s will cost you significantly less. Even if you do not intend to purchase property or start a family, life insurance in Surrey can ensure that your funeral expenses and debts, such as car payments and student loans, are taken care of and not passed on to your family.

So, put another way, unless you are unattached, financially secure and have little to no debt you need life insurance in Surrey.