If you’re married or with a long term partner, chances are that you’ve thought about your future together. As much as we all want the fairytale ending, sometimes things don’t go to plan – have you considered what would happen when one of you passes away?
For those who are still doubtful as to whether life insurance can really secure the future for you and your loved ones, have a think about these five reasons to insure your life partner.
You’re Planning Ahead
Death is a reality for all of us, and though we all want to live long, happy lives, it doesn’t hurt to plan for the unexpected. By planning ahead and ensuring both of you take out life cover, you know that should the worst happen earlier than expected, you’ll be able to continue living life.
By planning ahead and taking life insurance early, you’ll get the best rates and will be able to afford more cover.
You Want To Hold A Dignified Funeral
Planning a funeral is already hard for those involved, but when you have to worry where to get the money from or whether the funeral is dignified enough for the person who has passed, it’s even harder.
Life cover can provide financial support so that a dignified send off can be held, without worrying about how much it will cost. MiWayLife’s life insurance offers both life and funeral cover in one policy, so you’ll get an immediate payout to cover funeral expenses when you claim, making things that little bit easier.
To Avoid Financial Consequences
If your life partner passed away, would you be able to support yourself and any dependents? Do you rely on either their income or their services (e.g. cleaning, cooking, taking the kids to school) to keep the house running?
If you do, then life insurance can help to fill the financial void that’s often left when one partner passes unexpectedly.
You Have (Or Want) Kids
If kids are going to be a part of your future then insuring your life partner means that should something happen to them, you can still continue to provide for the children. This doesn’t just stretch to the immediate future, but can also cover things like University fees or an inheritance for them to put a deposit on a house. Having children is one of the major motivators for taking out life insurance, but it’s important not to put it off until it’s too late.
It’s also important to remember that even if one of you is a stay at home parent, life insurance may still be necessary. If it would be a financial strain on the remaining partner to make provision the things you do and help you provide in terms of looking after the kids, then life insurance can make it easier to pay for childcare or domestic help, for instance.
So You Don’t Have To Rely On Life Insurance Through Your Employer
It’s true that life insurance via your workplace is a great benefit to have. Most of the time though, it’s not sufficient for your needs and should be used as a top up to your existing personal policies.
Why? There is a multitude of reasons, but the main one to consider is that if you leave or lose your job, you’ll no longer be covered. This could pose a serious problem if you lose your job due to ill health (meaning you may struggle to get a replacement life cover policy) or if something happens to you while you’re searching for a new job.