Life insurance may be perceived as simply a luxury to parents or couples who are not willing to pay a small fee every month. However there has become an increasing awareness for life cover, which can potentially change a person’s life from a financial struggle to relief and comfort.
An average life policy can help with household costs, education for your children and even protect your family from acquiring large debts, in which you have left behind. To not purchase life cover your family are simply at risk. Alden was thankful her father had life insurance, or the consequences could have been disastrous for the family of three.
Alden, now a grown woman in her forties, looks back when she lost her father and how important it was that he had life insurance when he unexpectedly passed away. Thanks to her mother thinking ahead, she calculated how much money the family would need without an income, as Alden recalls “She didn’t know at the time, but it would turn out to be the smartest financial decision she would ever make”.
Life Insurance Myths?
As a parent it will be your primary objective to do what you can in order to provide for your children and their future. However many are put off by life insurance, due to the negative myths that some may believe; Firstly you can decide where your life insurance pay out goes before you die. As a dad you can ask your insurance company to set up a policy to meet your every decision and even better it won’t cost a penny more.
Contrary to what you may assume, you can still get life insurance with an existing sickness or injury. Although your premium may be marginally higher, you can still get cover. It’s worth a quick quote to check, rather than never knowing what may be available to you.
Alden’s father was relatively wealthy as a “well paid president of a marketing company”. Enough so to allow her mother to stay at home and raise her two daughters. Although the father had a basic life insurance policy, the mother identified it was “not enough to support a family our size very long”. Therefore she took out an additional life policy to cover the father, herself and cover for the two daughter’s college education.
When Alden’s mother received a call, which she recalls her father (pilot) “radioed the airport, saying the engine had broken off and he was in a downward spiral. Those were his last words”. In spite losing their father and husband at a young age, the two girls were still able to go to private school and the mother was financially secure. Alden appreciates her father’s life policy accepting “none of this would have been possible without life insurance”.
How Much Are Dad’s Worth?
Additionally many can underestimate how much dads are actually worth, in terms of their day to day contributions. Legal & General has identified that the average value of a dad is worth £23,971 year, in an average 74 hour week. This figure would prove hard for many families to replace if their father was taken from them.
Don’t make the same mistake of delaying life cover as long as possible. Act now and fill in a form – it’ll only take 60 seconds to protect your family today!