For many people the need for life insurance is not always obvious. They believe that they are ‘bullet proof’, fit and healthy now and convinced that that nothing is going to happen to them any time soon. They may have some savings in place and consider life insurance something that they will get around to arranging at some point in the future.
Sadly none of us need think too hard before a friend or family member comes to mind who died before their time and left a family behind them.
The fact of the matter is that anyone who has a mortgage and/or dependants needs life insurance.
A recent study showed that of more than 5,300,000 families with dependant children living at home only around 4% had adequate cover. About 4,400 parents of these families dies each year [The Age 3/08/07].
There are 3 simple questions that everyone should ask themselves:
Will I leave behind a debt if something were to happen to me tomorrow?
Does anyone rely on me for their security, health and wellbeing?
Would my loved ones see a detrimental change in their living standards if my income was not there?
If you answered yes to any of the above then life insurance is a must.