It is true that not everyone needs family insurance. For example, if...
✓ You have gathered enough income to independently care for your family.
✓ You are single or live alone.
✓ Your children are self-sufficient adults.
However, in other circumstances, it may be wise to seek insurance to protect your family, should the worst happen. For example, if you have dependants (e.g. school-age children who depend on your financial support), or if you pay the mortgage for your family home.
Family insurance provides your family with financial security, should you be made redundant, become too ill to work, or die. Indeed, many consider life insurance a fundamental part of any financial plan.
However, many people remain sceptical to whether family insurance is really necessary. Therefore, Vincent Burch have compiled our top three reasons to why family protection is important.
First, life insurance can cover you final expenses. Nowadays, funeral costs can be ridiculous high, and you don't want your family to suffer financially, as well as emotionally, after your death.
Second, should you be diagnosed with a critical illness, critical illness cover (CIC) will help to protect both you and your family's future. The money can be used to pay off your mortgage, or even to cover additional medical costs. Now you have one less thing to worry about during this stressful time.
Thirdly, what if something should happen to you or your partner? Could you afford to keep up the mortgage payments over the typical 25 year mortgage term period? A mortgage without any protection insurance can leave any potential beneficiaries in an impossible state of affairs.
Indeed, a worse case scenario could see you and your loved ones homeless, should the mortgage lender decide to repossess the home. This is why family insurance is so important. It can protect your family should the very worse happen.
Click here to find out more information. If you have any questions, don't hesitate to get in touch with our dedicated team. Email [email protected] with any questions you may have regarding family insurance. We look forward to hearing from you.
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