You only need insurance to protect your assets or your family. If you don’t have either you don’t need to . But things change, sometimes a lot. And this might mean insurance.
Bad stuff happens. Often with no notice. Insurance can help protect you from a bad surprise. Sometimes the bad surprises can make you uninsurable. Then it’s too late. Your future-self (or future-family) won’t thank you for not thinking ahead.
Protect your Assets
Your most valuable asset is probably your income. £50,000 per annum adds up to £1.5M over 30 years.
Life insurance can be used to repay a mortgage - you your loved ones don’t have to move. It can be used to replace your lost income - you surviving partner (and children) will be relying on your future lifetime for their standard of living.
Sometimes death is the least of our worries. We are far more likely to be off work for a period of time after developing serious illness. Treatments for cancer, heart attacks and stroke are improving all the time and survival rates are increasing. Income protection can be used to replace lost income and critical illness insurance can payout if you contract one of the conditions on a pre-defined list.
These policies can alleviate the pressure that could force you back to work too soon. Take some time to work out how much you need, get it place and review it regularly.
If you win (the insurance pays out) it means you’ve lost (at life or health). If you lose (the premiums were a waste of money) it means you’ve won at life.
I hope that all my insurance premiums are a complete and utter waste of money because it means that i’m fit and well. If they’re not then I know that my family are going to be ok.
Sometimes insurance can be used to pay inheritance tax so that the estate can pass to b