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Five Reasons To Take Out Life Insurance
Life insurance can provide crucial protection against death, illness or inability to work ? but more than half of Brits still choose to go uninsured. If you fall into this large percentage, here''s why you should take out a policy today.
1. Estate protection: If you own valuable, collectibles or property that you''re keen to pass onto your children, a life insurance policy can help protect your legacy against the impact of inheritance tax. Life insurance provides a tax free lump sum which may be used to pay inheritance tax ? and this means that the beneficiaries of your will won''t have to sell your property.
2. Cushion your retirement: Some life insurance plans also include a pension supplement, so you can enjoy a more comfortable retirement. Make sure you specify your need for retirement cover when requesting life insurance quotes.
3. Protect yourself against illness: Critical illness cover could be an important addition to your life insurance policy, particularly if you are self-employed or work under an informal arrangement. This will ensure that your lifestyle can be maintained should you fall ill and ...
... be unable to work. You can also take out critical illness cover for your children or partner.
4. Neutralise your debts: Nobody wants to leave their family to pay off their outstanding debts. Life insurance can provide a lump sum for debt repayment, thus taking the responsibility from your loved ones. If you go bankrupt, the policy will not be considered as an asset and therefore will remain untouched.
5. Improve your credit rating: If your credit rating is low, then you may be able to boost it by taking out a good life insurance policy. Such a policy will be considered a financial asset by banks and loan companies and will help to boost your credit score, making it easier to take out loans, mortgages and additional insurance.
Of course, the reason most people take out life insurance is to leave their families a good inheritance. A life insurance policy will allow your loved ones to sustain their living standards after your death, and provide them with a lump sum to do with what they choose.
Life insurance isn''t simply an option for those on high income ? there are plenty of great deals available if you''re happy to shop around. Compare personalised quotes from a number of different companies, and consider the quality of the policy as well as the price. The small monthly payments are certainly worth it for the peace of mind. Lecia Selbo had Legal
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