Understanding your personal circumstances is vital in finding the right equity release plan for you.
Published: February 7, 2017
There are many other things people would prefer to think about other than what might happen if they were to become ill, or even die – and understandably so! However, whilst nobody wants to think the worst, everybody can – and should – take time to think ahead.
Life insurance is created to protect yourself and your loved ones should the unexpected happen. But when is the best time to start thinking about life insurance policies? We say it’s never too soon to start looking after yours and your family’s futures, but there are some defining life moments that will definitely make your need for insurance more pressing.
Here are 5 signs it’s time for you to get life insurance:
You Have a Baby on the Way
When you have children, the realisation that others depend on you will often be a huge incentive to get a life insurance policy in place. Many parents are anxious to know that their children will have security should something happen to them. Childcare is another consideration to make; if something were to happen to you, would your spouse be required to work fewer hours or even leave their job to take on childcare responsibilities? A life insurance plan will help to lessen the financial burden on your spouse and children, helping with ongoing household costs.
You’re Moving Jobs
Life insurance is offered by some employers as part of an attractive benefit package. Switching jobs could mean losing what cover you may have had with your previous employer, so remember to look into what your new position offers. If life insurance isn’t included, why not talk with your employer to see what can be done? A change in salary is also a reason to update any policy that you do have, as an increase in salary will mean a greater loss should something happen to you.
You’ve Bought a House
A home is a big financial commitment, one of the biggest a person may have in their lifetime. If you were to fall ill or even die, do you know if your family members could cope with their monthly mortgage repayments? Fortunately, when you take out a mortgage many lenders will now require that you take out life insurance, protecting your family and the huge investment you’ve just undertaken.
You’re Getting Married
Getting married changes a lot of things, one of them being the need for a good life insurance policy. For starters, you’ve no longer got only yourself to consider. Your partner’s future will be equally as important to you, meaning you’ll want to protect them against any uncertainties.
Invest in a policy that protects the both of you and if you’re covered by your employer, ensure that your policy extends to cover your spouse also. Funeral costs, outstanding debt and household payments – these are just some of the ways your insurance will help to take care of your spouse should the unthinkable happen.
You’re Thinking Ahead
Do you know someone who has fallen ill? Or perhaps your family has a history of health problems and you worry what this means for you? A critical illness policy is designed with these concerns in mind; should you be diagnosed with a serious medical condition, your insurance will provide you with a pay out to cover loss of earnings. This money can go towards ongoing household bills, medical treatment – the choice would be yours. There are many different levels of protection to choose from, so it’s important that you check what illnesses are covered in your policy and what period of time you’re looking to cover.
These are just some of life’s moments that may mean it’s time to take out life insurance. Best of all, a good policy may only cost you as little as four coffees a month!
Want to know more? Amber Mortgage Solutions offer straight-forward and affordable cover to suit your unique needs and budget. For life insurance, critical illness cover or home insurance, contact us today, and we will help you choose the right level of cover for you. Call us on 01702 619221.