Life Insurance – Who Needs It?
By Gill Critchley
When most people were asked, they said they would gladly give up their luxury monthly charges for their T.V and mobiles if they found money was a bit tight if it meant that they could keep their life policy.
According to a leading company, the majority of people, at 71%, said that television would be the least important luxury to them in times of financial crisis, closely followed by their mobile phones with 47% of people saying that they could get rid if their mobiles, in fact only 11% of people would be willing to give up their life if they were ever struggling financially.
Almost a third of people asked said that they believed life to be the most important policy, something made clear by the fact that 42% of people choose a policy according to their specifications as opposed to only 25% of people who select their life quotes based solely on the price.
However, do all people who have a life assurance policy actually need it? Numerous young adults are being sold life policies as they are cheaper to take out when you are younger, although, the irony is that if the young adult doesn’t have children, then they have no need for the policy, regardless of the price. Another example of people who aren’t gaining from their policy are people in their 50’s who have policies were the premiums are draining them of their cash meaning that far less will be left to their loved ones.
Those who would require a life policy are young
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couples who have children and established families who would find things difficult if one of them were to die, including any member of the family who works from home, as covering the housework and childcare, for example, may be difficult for the rest of the surviving family.
