Why Should You Consider Life Insurance?

Article published on 28th May 2008

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Almost every report released on the subject shows that Britons tend to regard life insurance as either an unnecessary expense or something that comes tacked to household insurance and isn't really worth thinking about that much.

But life insurance is an increasingly important consideration in the interconnected and periodically volatile economies of the 21st Century. In the next few articles we shall be looking at the reasons why life insurance should be at least a consideration for everyone, and in what circumstances Life insurance can prove to be vital.

Firstly, then, if you are married or have a life-partner living with you, you and your other half will likely, to some degree or another, rely on each other to pay part or all of certain household expenses, such as mortgage repayments, taxes and utility bills (as just a few possible examples).

But if you should die unexpectedly, how could this effect the loved ones you leave behind? Who will cover your contributions to the household expenses and will an additional financial burden on those you leave behind leave them in trouble? These concerns can apply regardless of whether you are married to your partner or not.

At what if you have children? A survey carried out by Legal & General two years ago showed that the expense of raising a single child in the UK can reach up to £123,000 from birth to 18th birthday. That's a considerable expense in itself and it doesn't even touch on further expenses incurred by children who go on to university. So one child is a huge expense (though generally a worthwhile one), but what if you have two or three children, or even more?

In many circumstances life insurance can literally save the family you leave behind, and if you have such a policy already, be sure to alter it if and when children start to arrive.

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