Turning 40? Why it’s time to start thinking about life insurance

Nobody wants to think about life after they’re gone, but it’s a reality we must all face. We’re not around forever. As we age and move into our fifth decade, it’s only natural to want to put measures in place that will protect those closest to us should the worst happen. Life insurance policies aren’t always top of our wish lists but, when the time comes, they can be one of our most welcome investments. 
And while there are lots of choices on the market, spending a couple of hours now to find the right policy means you can then live the rest of your life free from nagging doubts and worries about your family’s financial future.

Here are some of the main reasons why now is the best time to start your life insurance policy:

Increased risk of disease

It’s an unavoidable truth that as we get older we become more susceptible to illness and poor health. Life-threatening conditions become more prevalent among the older generation, which is even more reason to enjoy life to the full while we can. Comprehensive life insurance cover will remove at least one major worry should the worst happen. And some life insurance policies pay out immediately if you’re diagnosed with a serious condition.

Protection for your family

Hopefully we’ll all live long and happy lives, but sudden death – by accident or unexpected illness – can happen to any of us.
A good life insurance policy will, in those dreadful circumstances, make things easier for your family. The steps you take now mean they won’t have to worry about covering unforeseen costs and debts in the future.

Funeral costs covered

Research in 2014 by the University of Bath’s Institute for Policy Research found that the cost of a typical funeral, including non-discretionary fees and a burial or cremation, came in at just under £3,500. The University of Bath estimated that 100,000 people would struggle to pay funeral costs in 2014 alone. Your final expenses can be bigger than you think, but putting in place a solid life insurance policy means your funeral costs can be covered without stress or worry.

Major debts – such as mortgage or university costs – paid off

The biggest causes of financial stress, should you die suddenly, are often the large debts you’d planned to service during the rest of your expected life. From outstanding mortgages to your children’s university tuition fees, it’s not unusual to have large debts either already in place or coming in the future. But a life insurance policy can cover those debts, meaning your family wouldn’t be forced into drastic measures like selling the house.

Peace of mind

Life insurance is about protecting those around you from an increased risk of financial difficulties should you die prematurely.
It’s an investment for those closest to you against the uncertainty of future events.

Click here for more information on our life insurance policies or speak to one of our experienced advisers for advice and tips on choosing the right policy for you.