The importance of having adequate life cover should never be underestimated and the solution may be in taking out fixed term life insurance cover.
But first of all, why is life insurance so important? Sadly, many people see it as an unnecessary expense, thinking that once they die, why will they need the money? However, life insurance provides financial protection for the loved ones you leave behind.
For example, if you died tomorrow, would your partner be able to meet the monthly mortgage repayment and day to day bills on one salary alone? Would they be able to live the same lifestyle without your salary? Or would they need to sell up and downsize, possibly uprooting your children in the process?
It is unlikely that they would be able to cope financially on just one salary alone and nor would you want them to be put under financial stress while coping with their grief.
The positive news is that the life insurance doesnt have to be expensive and fixed term life insurance can be fairly cheap.
Fixed term life cover is insurance that pays out a lump sum should the life insured (ie. the policyholder) die during the term of the policy. It is...