Three reasons why life insurance is vital

Life insurance is quite often viewed as an unnecessary expense. It is however there for good reason - namely to provide security for you and your family in life’s most difficult and emotional situations by delivering a financial cushion to ease pain and suffering.

From a life-threatening injury to sudden death – how would your family cope if the unexpected happened to you? The reality is that having life insurance cover can literally be a lifesaver for your family, especially with all the uncertainties and hardship life throws at you.

Below, Oviso has listed three good reasons why life insurance should be viewed as an important necessity.

You care about your family
When it comes to protecting your family, it is important to think about how they would cope if something unexpected happened to you. If your family are completely dependent on you or you have children, how would they meet the mortgage, rent or household payments? Ensuring your family are adequately protected would provide them with a sum of money that would shoulder the loss of your income, thus avoiding hardship and unnecessary stress.

Usually, life insurance will pay out a cash lump sum to your beneficiary, whether you are diagnosed with a terminal illness (usually where life expectancy is 12 months or less) or in the event of your death. In either case, it ensures your dependents will be financially sound and leaves them less to worry about in what will already be a difficult time.

You have a mortgage for your home
If you have an outstanding mortgage, it will usually be your biggest monthly expense.

You, therefore, need to consider how your family would afford the repayments if you weren’t around anymore to support them. Without life insurance they may struggle to pay the mortgage, or worse still, they may lose or be forced to sell the family home.

You’re a small business owner
As a small business owner, you need to consider the impact your death could have on your partners and employees.

Key Person Insurance protects your business in the event of key individuals being unable to work or in the event of their death.

Key Person Insurance is just as important as any other financial consideration you will make in building a business, and therefore it is vital that business partners should research their options. Sometimes having the right policy in place could be the deciding factor in the survival of a small business.

Don’t wait until it’s too late, why not get in touch with an Oviso advisor to discuss the options available to you for your circumstances.


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