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The Importance of Life Insurance

No one likes to think about their own mortality. That may be why a shocking number of UK citizens die intestate, or without a will. But when it comes to life insurance , the costs are so incredibly low that it makes absolutely no sense why people with families would neglect to purchase a policy.

You have heard the warnings a hundred times. What would happen if you died in a terrible auto accident on the way home from work? What would your family do? Not only would they be faced with the terrible prospect of continuing on without a father and husband, but your wife would suddenly be responsible for the mortgage and car payments and all of the other bills you used to help her pay.

Of course, the sales tactic is a simple, yet effective one: guilt. But don’t blame the industry for doing its job and selling its product. The simple fact is that life insurance is essential and it is cheap. How many things can you honestly say that about?

Why is it so cheap? Well, the truth is that dying in an accident is rather rare. And companies can make a healthy profit by simply playing the odds. But if something terrible does happen, life insurance companies must pay out.

How much life insurance should you purchase? It really does depend on how much debt you owe. The general rule of thumb is that you should purchase about two to three times of what you owe on your home, that way if you happen to perish in a fiery plane crash, the wife can pay off the mortgage.