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Why Life Insurance – The importance of having Life Insurance –
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Why Life Insurance

Why do I need Life Insurance?

You may be asking yourself why do I need Life Insurance and how is it possibly the most important type of insurance you will ever take out?

You need to think about how your family would be able to support itself financially if you were no longer there to provide for them? Each family has a number of ongoing expenses to cover which may include the mortgage on the family home, rent, education costs, credit card debts, food expenses and more.

The purpose of Life insurance is to eliminate the financial hardship that may occur after the death of a spouse, particularly the main income earner. It provides a benefit amount to the nominated beneficiary that helps to pay remaining debts, such as the mortgage, and provides a lump sum amount of money which can be invested to cover the cost of future family needs such as education costs for your children.

Today households come in various shapes and sizes. A particular family member can be the main income earner and the other family member may provide to a smaller portion of the household income which is also still important. It may even be that one person is at home looking after the children or an elderly parent while the other spouse is providing the family income.

Even if you are not the main income earner, the loss of your income could still leave a hole in the family budget.

Therefore this is why it is important not only to protect your family in the event of your death but you also need to consider how you would deal with the possibility of becoming disabled or seriously ill and therefore not being able to work. Income Protection, Total and Permanent disability (TPD), Trauma / Critical illness Insurance helps to provide you with peace of mind when it’s needed most.

Answering Yes to any of the questions below more than likely indicates you should consider taking out Life Insurance:

  • Are you married?
  • Do you own a business?
  • Do you have children?
  • Do you have relatives that depend on you?
  • Do you have ongoing financial obligations?

If something was to happen to you and you are no longer there to financially provide for your family, the importance of life insurance therefore is to protect your family’s financial security and lifestyle.

Here at Compare Life Insurance, we help you select and apply for life insurance and provide you with access to 12 different of Life insurers

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