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We work very hard to take care of our family. However, unexpected events can happen and we don’t want our loved ones to be hurt by our choices or apathy. Only 30%of UK residents have active life insurance policies. The main reason many don’t have life insurance is because they wrongfully overestimate the cost: people believe that life insurance costs over £400 per year. However, its actual cost is often more like £120/year.

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It doesn’t matter how old you are or what medical history you have. Life Insurance is affordable and could help your loved ones.

Is insurance an investment or an unnecessary expense?

A 2017 Princeton survey found that close to 40% of Americans do not have life insurance. Notably, 65% of the uninsured population were millennials aged 18-29. Another section of the population which was largely uninsured were those with less formal education, those who were unmarried, and those with limited incomes.

Another study done (in the Phillipines) commissioned by Sun Life Financial Philippines found that of the 1,200 respondents surveyed, 39% put money in insurance to fund goals but not for life insurance. While 68% of Filipinos are worried about the future, it is profound that they do not have an inkling that life insurance could help to assuage the worries.

An intriguing takeaway is that people view life insurance as an expense. According to the study in Philippines, respondents said they thought of life insurance products as “only added expenses to their day-to-day budget.” American respondents also said that life insurance cannot be equated to auto or home insurance.

Why you should get life insurance

Despite the views from the US, UK and Philippines, it is clear that the future is uncertain. Many respondents in the surveys appreciated this. They worry about what might happen to their families in future if they cannot afford expenses like medical bills.

Getting life insurance eases your mind. While you may worry about what could happen to your families once you depart, the paycheck you get today will not be around after your death. However, life insurance ensures that your family has financial safety net. This could go a long way into giving you peace of mind.

Life insurance is also cheap. We pay life insurance premiums periodically so the payout increases over time.

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