Life insurance. Have you thought about purchasing a policy before? [AD]

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[AD] It’s not something we learn about in school, or are taught in university, but it is SO important. Did you know that with Bequest, anyone between the ages of 18-65 can get a policy with us? 

There are different stages of life and various reasons to get life insurance. As a woman, you may not have been taught who needs life insurance, why you should get it or you may have even thought that you’re too young. Below are 5 reasons to get a policy! 👋

You’re a woman

That reason alone is enough to purchase a life insurance policy. Women need life insurance. There have been too many situations where women don’t think they need it or have been told they don’t and I want to let you know right now, you need it! 

You may be single, living with a partner, or married. No matter your situation, there is a reason to get your own, single policy, and let me tell you why!

Say, you and your partner decide to get a joint life policy. And then in 10 years, god forbid, your partner dies. After the payout, you would be left without life insurance. You would then have to purchase a new policy at a much higher rate. By purchasing separate policies, you are paying almost the identical amount each month, but you are able to keep your policy if your partner dies and your family gets double the payout should you both pass.

Also, the younger and healthier you are when you take out the policy, the cheaper it will be.

  • Taking out a 40 year term, level pay-out for the max at £500,000 at 30 years old, saves you £27,500 compared to buying the same insurance at 40 years old.

As a woman, there is always a reason to take out a policy.

You have kids

Did you know that every 22 minutes, a child loses a parent in the UK?

As a mum, you want to make the best choices for your children and for your family. It’s a scary thought to think about, but what would happen to your kids if you were to pass away? No one likes to think about death, but really, purchasing life insurance and writing a will, is all about LOVE. 💛

You’re realising that being prepared, thinking ahead and doing your life admin is one of the most loving things you can do as a mum. It not only gives you peace of mind but will help make things easier for those left behind.

You’re a stay-at-home mum

One thing that most stay-at-home parents forget about, is the fact that they’re more than their income. Your role in the family matters.  👪

What would happen if you were to suddenly pass away and your partner was a single parent? Would they stop working to take care of the children? Would they pay for full-time childcare? Who would take them to all the sporting events and extracurriculars?

A study from salary.com in 2019 determined stay-at-home mums clock an average of 94 hours a week and would make around £132,572 GBP salary a year. With life insurance, they used to believe that you should take out 4X of your salary. So do some quick maths and figure that one out! You are a chauffeur, a cook, a housekeeper and so much more – don’t believe the lie that you don’t need life insurance. 

You’re a working woman

It’s quite crazy to think that while many women know their importance in the family, they still don’t take out life insurance…or enough of it! 

Think that your work life insurance is enough too? Take another look, it’s probably not. And what happens if (when, let’s be real) you leave? You’ll have to get another policy out at an older age with new challenges. It’s so important to know what policies you have, how much they’re for, and what they cover. Knowledge is key to making good decisions about your finances. 

You have a mortgage

No matter your relationship status, you might have a mortgage. Houses are an incredibly wonderful thing, but they are a huge asset.  One thing to think about is how life insurance would cover your mortgage should you pass away. 🏠

If the mortgage is a joint debt, then it will automatically be passed to the other person. So make sure that you know what debts you have (school, car or otherwise too!), if they would have to be paid out after your death and how they would be paid for. 

No matter your reason for life insurance, it’s not always easy to figure out how much cover you might need, and for how long. So think about your assets, your dependents, how old you are etc. and go from there! 

We’re always available for questions, so please ask away at https://bequest.com/life-insurance/

Article by Kaitlyn Fleming – Bequest

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