Why take out Life Insurance or Critical Illness?

The importance of life insurance or critical illness benefit may vary at the different stages of your life.

As a minor (under 18 years of age), you will have no financial commitments and few responsibilities. Protection insurance is not appropriate at this stage.

As you grow older you will progress through the stages of life – first job, moving out of the family home, living with a partner, buying a house, having children, buying a bigger house etc.etc..

Your requirement for life insurance and critical illness benefit will increase with added responsibility. It would be important for any debt (loans or mortgages) to be repaid on your untimely death and also to provide any loved ones left behind with sufficient money to continue living to an acceptable standard. Without sufficient insurance, the family home may have to be sold, with further upheaval at an already traumatic time.

Furthermore, you may suffer a critical illness that meant that you were unable to continuing earning the same amount of money that you have become accustomed to earning. Without protecting yourself adequately, you may have to sell your home and your life style may change to an unacceptable standard.

The cost of Life insurance and Critical Illness benefit will vary according to your age, whether you smoke, your medical history etc.etc… There is one factor that is certain though – the younger you are when you commence the insurance, the cheaper it will be, with many policies guaranteeing not to increase the premiums as you become older.

So act now as you never know what might happen tomorrow………..