3 Reasons Why Getting The Right Life Insurance Is So Important

In the last 12 months my wife and I have purchased our first ever home. We have been together 17 years and for those 17 years we have always rented wherever we have lived, but last year after working very hard and more importantly saving very hard, we had enough savings to be able to put a deposit to buy our very first home. This was a very exciting time to finally be on the property ladder.

Of course what we never realised was how many things we had to do to get a mortgage and complete on our house purchase. From dealing with estate agents and mortgage advisors to solicitors and to be totally honest the list was endless. Citizens Advice is also a great place to look for advice about life insurance.

There were many important things that we needed to have in place and one of those important things that needed to have in place was life insurance for us both. We already had life insurance but when we reviewed it, it quickly became apparent that it was not going to be entirely suitable now that we were homeowners. When you become homeowners and you are also parents, as we are of ten year old twin girls, it’s very important that all eventualities of life are covered. After all, none of us know what the future holds which is why we need to Future Proof our lives with the correct life insurance so if the unthinkable happens and one of us passes away my wife and our children at least won’t have to worry about money. Here are three reasons why life insurance is so important to me and here’s a handy guide from Money Saving Expert.

1. Looking after our children

We are parents of ten year old twin girls so childcare costs and general living expenses are still very high. This is one of the reasons why it is important to make sure we had enough life insurance to cover their daily costs, but also their future needs such as university fees. We are parents of two children so the costs are doubled and we needed to make sure there was enough money to cover expenses until they were at least 21 years old so that everything is covered if they decided to go to university.

2. Pay off our mortgage 

As I previously mentioned we recently bought our first home so if one of us was no longer around it was very important to both of us that the mortgage was fully paid off. We found out the amount of cover we needed. This is dependent on the type of mortgage and how many years are left on the mortgage. We also wanted to make sure that the length of cover matched the remaining term of our mortgage.

3. Support for your partner 

The mortgage may be paid off, but your partner may need money to simply help and support caring for your children and to make sure their needs are met financially if one of you has passed away. For us, it was very important that there was extra money after the mortgage was paid to help the family financially.

I cannot emphasis enough, should you or your wife/partner pass away unexpectedly this in itself is going to be so difficult to deal with. The grief and grieving process can be long and at times unbearable. If you add to that the stress of paying bills and well, quite frankly just living and buying food will be overwhelming. This is where life insurance is perfect to take the stress out of daily living and allowing the family to grieve the loss of a loved one.

Have you got the right life insurance in place to future proof life for your partner and children should the unexpected happen and you pass away early leaving your partner, husband or wife to bring up your children alone? I would love to hear in the comments below.