Life Insurance - essential or a luxury?

Article published on 12th August 2008

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In our most idealistic world, all debt would die with us, our families, partners or selected beneficiaries would continue to receive the same financial support we provided before our passing over for at least 20 years or until their own death.

Realistically however, this will never happen in the UK. Inheritance tax generally ensures those who were financially secure leave a financial encumbrance which their estates will be legally obliged to pay.

Government statistics show that when comparing deaths by age and gender between 1985 - 2003 both males and females are living longer with fewer dying before the age of 65. They equally show however that the number of deaths in the age brackets 30-44 years for both male and female have increased. This in itself may not be too concerning considering there are more of us today than there was in 1985. However, when those very same statistics show that fewer people are dying in the age brackets 45-79 years, it clearly shows that we are not all going to make it to the heady days of relaxing retirement!

The question then becomes ?How can I, Shall I or even Can I?? provide for my next of kin (particularly children), in the event of my death. You shouldn?t even finish the question there. Consider how you will be financially placed should your husband/wife or partner die. Will you be able to manage?

There are numerous forms of life insurance available with policies that will meet your requirements. Whilst you must always carefully balance the quality of cover, with the amount of life cover you require and of course, the cost, generally, the younger you are when you start a policy, the lower the premium.

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