AD- this is a paid post in collaboration with Do It For Them
The question of life insurance often crops up at the same time as big life events such as getting married, buying a house, and having children. So what is life insurance? Why do we need life insurance? And should you get life insurance when you get married? The answer to whether you need life insurance when you get married depends on your own individual circumstances, but remember, the purpose of life insurance is so that your partner and family are covered financially if you should pass away or, in the case of some policies, fall terminally ill.
What is life insurance?
Life insurance (also known as ‘life cover’ or ‘life assurance’) is a way to protect your loved ones with financial support if you pass away. It can give your family one less thing to worry about at an already distressing time. Life insurance policies will usually pay out a cash lump sum to your family if you die while you are covered by the policy. It can help your family to deal with every day bills, such as mortgage payments. Do It For Them offer very competitive life insurance policies- and their name says it all. You get life insurance for Them. Your dearest and dearest.
You can choose the amount of cover you need, and how long you need it for. It’s important to consider the monetary amount that you might need in order for your loved ones to have peace of mind should you pass away.
Although it might feel morbid to consider life insurance, especially if you are in your twenties or thirties, the younger that you opt into a policy, the better the rates can usually be.
When do you need to get life insurance?
Life insurance is a good idea when someone else depends on your income. For example, if you and your partner’s joint income supports your lifestyle. It is also often recommended to get life insurance when you take out a mortgage on a property. Although having life insurance to get a mortgage is not compulsory, or a legal requirement, many lenders will recommend it so that your payments are still covered in the event of death.
Life insurance doesn’t have to be a daunting job that you put off for weeks on end, you could have a life insurance policy completed in less than 10 minutes with Do It For Them! In fact, Do It For Them say it best themselves- Getting life insurance has always been the right thing to do. Now, we’ve made it the easy thing to do.
What are you waiting for!
Should you get life insurance when you get married?
You can start considering life insurance at any time. Even if you are currently single, you might want to get life insurance to protect your family if you were to pass away, or to help pay your bills if you become terminally ill.
If you have a serious partner, it’s also a good idea to both get life insurance, as the likelihood is that you use your combined income to support your lifestyle- for example, paying a higher rent than you’d be able to afford as a single person.
When you get married, it’s a great time to each get life insurance- you’re making a commitment to your future together, and to look after each other no matter what! Life insurance can help you to do that if the worst case scenario happens.
Questions to ask yourself before taking out a life insurance policy.
- Who do you need your life insurance to protect?
Do you need your life insurance to protect your partner and children? Your parents? Your significant other? Or all three? Think about who you need to protect with the policy, and how much cover you might need in order to do that.
- How much cover do you need?
How much cover you need depends on the individual, how much your dependents rely on your income, and what your current income is. Consider covering your mortgage, loans and debt, family expenses, replacing your income, and also funeral costs. The amount of cover you get will also depend on how much you can afford to pay for the cover each month. The good news is, Do It For Them policies start from just £3.99* per month.
- Does your employer already offer life insurance cover?
Keep in mind that some employers will offer life insurance as part of a benefits package. Check to see if this is included in your own package before taking out life insurance. If your employer does offer life insurance, check to see exactly what cover you are provided with, and any terms and conditions of the policy.
Head to Do It For Them to take out that life insurance policy, and tick one more thing off that mental to do list. Do It For Them avoid financial jargon, can get you sorted in less than 10 minutes, and have policies starting from just £3.99* per month.
*Quote based on a non-smoker DOB 30/11/1993 over 20 year term, cover amount 149,662