Life Insurance is sometimes a forgotten part of financial planning, we always seem to plan for our futures, retirement planning, long term savings but unfortunately a fact of life is ........death and sometimes it comes at the worst possible time, plunging those left behind into financial turmoil purely because there was no insurance in place to replace wages, earning potential and so on. Money certainly doesn't bring a loved one back but the one thing we all want to do is grieve without the financial pressures adding to a very critical phase in our life.
Even for those who have a high net worth, a simple life insurance policy put in trust could solve a whole number of issues when it comes to your beneficiaries claiming from your estate, if there is an inheritance tax bill to be paid that could need to be settled before any of your estate is released, in the worst case scenario you could have beneficiaries taking out bridging loans to pay the tax bill.
Their are critical times of life when life insurance is a must, obviously when you have dependents, but a useful exercise for everyone is to take just a minute out of your day and just imagine what financial impact you would have on those around you, the ones closest to you, if tomorrow you were suddenly no longer there, just for a moment forgetting the emotional effect and purely look at the financial implications, if there are none, then you don't need to have life insurance, if there are, are you covered sufficiently?
Please feel free to contact us if we can help any further and hopefully after reading this we haven't depressed you too much.