Everything You Need To Know About Life Insurance

If you’re like most people, you’ve probably never given life insurance much thought. You know it exists, and you know it can be useful if someone you love dies, but that’s about the extent of your knowledge on the subject. In this guide, we’ll take you through the steps of life insurance buying, so that when the time comes to make the decision, you’ll be prepared to choose the best plan available to you.

Finding the right cover

To determine what you need, start by finding out how much income your family would need if you were to die. It might seem morbid, but it’s a vital step in protecting them from financial hardship. Start by listing your monthly outgoings—including mortgage or rent payments, utility bills and loan repayments—and see what’s left over at the end of each month. That figure is your household income if you were to die tomorrow.

Why life insurance?

Buying life insurance is one of those things you never want to do. However, we all need to make sure our families will be taken care of financially if something happens to us. Buying a life insurance policy is one way to help ensure that won’t happen. It’s also an important safety net for our loved ones.

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