Do parents really need life insurance?
As the economic environment has changed in the UK, for the worse, more and more people are now looking at ways to reduce their outgoings and consolidate their financial position. One area of interest is the insurance market with many parents considering whether they actually need life insurance. So do parents really need life insurance?
Life insurance is one of those financial products which you hope you never have to use but which ultimately could prove to be something of a godsend to those you leave behind. If you're part of a family with children then in the event of one parent passing away this would leave increased financial and emotional pressure on the parent left behind. They may need to change their life, leave employment and ultimately the children will need to be looked after. If on the other hand, let's assume the worst-case scenario with two parents passing away, then this would leave the family behind with potentially very little in the way of financial assets once the mortgage has been paid off and other liabilities covered.
Life insurance is basically a financial lifeline for those you leave behind in the event of your untimely death and while it is not something we would like to readily consider, what would happen if we were to leave our loved ones behind and financially destitute?
Share this..
Related stories
Does the insurance sector need a cash injection?
As the headlines point to a massive bailout of the UK banking sector there are some in the market who believe that a similar solution may be required for the insurance sector. Unknown to many consumers in the UK, insurance companies invest their premium income across a massive range of investment groups and are sure to have taken large hits to their asset bases like all other UK financial compani...
Read More'Life insurance is vital for the self-employed'
Life insurance is crucial for those who are self-employed and those who are considering going into business for themselves, life insurance expert has claimed. According to Nick Kirwan of the Association of British Insurers (ABI), Britons are "hugely underinsured for life cover" with up to one in three people having no life insurance. The ABI also estimates that a further one in three have failed t...
Read MoreProtecting your family
As the employment situation in the UK continues to worsen, at least in the short term, many families are now looking at insurance protection aimed at ensuring that at least part of their income is protected in the event of unemployment or illness. Never has it been more vital to ensure that you have at least some form of insurance protection not only for peace of mind, but to ensure that you have...
Read MoreApproval granted for UK's first Islamic insurance firm
Regulatory approval has been granted for the first ever specialist Islamic insurance provider in the UK, it has been announced. Principle Insurance has been cleared for business by the Financial Services Authority and will offer home insurance and motor insurance products. In keeping with Shariah law, the firm will not use interest and will shun investments in sectors that contravene Islamic princ...
Read MoreTell your insurer before making home bio diesel, firm warns
Making bio diesel at home can be dangerous - and might invalidate home insurance claims if an accident occurs.Defaqto said today that mixing cooking oil with ethanol and caustic soda, a common method of making the fuel, was becoming increasingly common among householders as they battled to counteract price rises at the pump.The firm made the comments following the widely-reported case of a Northam...
Read More