<\/p>\n
Understandably, we would rather not think of the time when we\u2019re no longer around, but this crisis has highlighted the importance to protect the things that really matter \u2013 like our loved ones, home, lifestyle and business \u2013 in case the unexpected happens.<\/p>\n
The outbreak of the coronavirus may mean you have concerns about your life insurance and whether you\u2019re covered. If you have life insurance to provide for those left behind or to cover business loans after your death, it\u2019s important to keep paying the premiums, even if you\u2019re tempted to put it on hold to cut costs. You could lose your cover and may struggle to find the same level of cover if you start another policy later on.<\/p>\n
Projecting ourselves into the future to see what\u2018s around the next bend<\/strong> Life insurance provides a safety net. Ultimately, it offers reassurance that your family and business would be protected financially should the worst happen. We never know what life has in store for us, as we\u2019ve seen in recent weeks with the outbreak of COVID-19, so it\u2019s important to get the right life insurance policy. A good place to start is asking yourself three questions: What do I need to protect? How much cover do I need? How long will I need the cover for?<\/p>\n Supporting your family and business financially when you\u2019re no longer there for them \u2013 what questions you need to ask:<\/strong> The correct level of life insurance will make sure they\u2019re taken care of financially<\/strong> That\u2019s why obtaining the right professional financial advice and knowing which products to choose \u2013 including the most suitable sum assured, premium, terms and payment provisions \u2013 is essential.<\/p>\n At different stages in your life, your need for protection will inevitably change<\/strong> As you reach different stages in your life, the need for protection will inevitably change. How much life insurance you need really depends on your circumstances \u2013 for example, whether you\u2019ve had a mortgage, you\u2019re single or have children, or you have business loans that you are liable to pay.\t\t<\/p>\n","protected":false},"excerpt":{"rendered":" COVID-19 pandemic outbreak causing many of us to think about our own mortality The terrifying daily death tolls resulting from the coronavirus (COVID-19) pandemic outbreak may be causing many of us to think about our own mortality, particularly if we\u2019re responsible for a family or business loans. Increasingly we\u2019re having to think about things we… Read more »<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"_links":{"self":[{"href":"https:\/\/www.generationwealth.co.uk\/news\/wp-json\/wp\/v2\/posts\/3099"}],"collection":[{"href":"https:\/\/www.generationwealth.co.uk\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.generationwealth.co.uk\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.generationwealth.co.uk\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.generationwealth.co.uk\/news\/wp-json\/wp\/v2\/comments?post=3099"}],"version-history":[{"count":0,"href":"https:\/\/www.generationwealth.co.uk\/news\/wp-json\/wp\/v2\/posts\/3099\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.generationwealth.co.uk\/news\/wp-json\/wp\/v2\/media?parent=3099"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.generationwealth.co.uk\/news\/wp-json\/wp\/v2\/categories?post=3099"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.generationwealth.co.uk\/news\/wp-json\/wp\/v2\/tags?post=3099"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\nFor many of us, projecting ourselves into the future to see what\u2018s around the next bend is not an easy thing to do. However, without thinking, we insure our cars, homes and even our mobile phones \u2013 so it goes without saying that you should also be insured for your full replacement value to ensure that your loved ones and business are financially catered for in the event of your unexpected death. Making sure that you have the correct type and level of life insurance in place will help you to financially protect them.<\/p>\n
\nWho are my financial dependents \u2013 my husband or wife, registered civil partner, children, brother, sister, or parents?
\nWhat kind of financial support have I provided for my family?
\nWhat kind financial support will my family need in the future if I die prematurely?
\nWhat kind of costs will need to be covered, such as household bills, living expenses, mortgage payments, educational costs, debts or loans, or funeral costs?
\nWhat amount of outstanding business loans do I have now?<\/p>\n
\nIt may be the case that not everyone needs life insurance. However, if your spouse and children, partner, or other relatives or business depend on you to cover the mortgage, other living and lifestyle expenses, or business loans, then it will be something you should consider. Putting in place the correct level of life insurance will make sure they\u2019re taken care of financially.<\/p>\n
\nThere is no one-size-fits-all solution, and the amount of cover \u2013 as well as how long it lasts for \u2013 will vary from person to person. Even if you consider that currently you have sufficient life insurance, you may probably need more later on if your circumstances change. If you don\u2019t update your policy as key events happen throughout your life, you may risk being seriously under-insured.<\/p>\n