Unnecessary Subscriptions or Life Insurance?
17 April 2019
Your Children’s Future or Netflix: Which Would You Choose?
Each month, we pay for entertainment subscriptions without a second thought, whether it’s Netflix, Spotify, or XBOX Live, and the number of UK subscribers has sky-rocketed in recent years, with 90% of the adult population now subscribing to such services.
We’re clearly happy enough to pay for monthly entertainment subscriptions, but so often dismiss one of the most important ways of investing for our children’s futures – life insurance.
People avoid committing to life cover because they would rather not pay the monthly fee, but most policies cost the same (if not less) than the average subscription service and offer far greater benefits in the grand scheme of things.
Protect Your Family with Life Insurance
There’s no doubt that entertainment subscriptions provide countless hours of enjoyment, and why shouldn’t we treat ourselves to the occasional film and TV series? However, they are very much concerned with the here and now, rather than the future of our family and dependants.
By replacing some of these subscriptions for life insurance, or simply adding life insurance to your typical monthly payments (if you can afford to pay them all) you are essentially providing your family and dependants with a payout in the event of you passing away. This payout is a way of supporting your family when you’re no longer around, and gives you peace of mind in knowing that they will not be left struggling financially.
The best thing about it is that life insurance policies could cost no more than the average Netflix subscription for most people, and could provide your loved ones with a lump sum of around £150,000 or more – depending on your circumstances and how much cover you opt for.
You don’t necessarily have to pay for one or the other – if you can afford entertainment services and life insurance, then great. However, if you’re paying for entertainment ahead of life insurance, you should weigh-up which is really worth more to you.
Investing in Your Children’s Future: Why Do I Need Life Insurance?
You should think of life insurance policies as one of many possible future investment plans for your children or dependants.
Losing a parent is never easy and a change in circumstances could lead to financial difficulties, as they no longer have that extra support.
A life insurance payout offers financial support at the time your dependants need it most, and gives you peace of mind that your children will not face any financial difficulty when you’re no longer around. You can also ensure that your family don’t have to deal with the pressure and hassle of clearing your mortgage or paying any bills left over following your passing.
As well as this, you are able to allocate some of the lump-sum to help your children pay for things like a wedding, first home, car, etc. as you would if you had not passed away.
If you must sacrifice the odd TV series and new music for life insurance, it’s definitely worth it. With a good life insurance policy, you are financially supporting your family, dependants and children at a time that is bound to be extremely difficult for them, removing any worries of them not being able to cope financially without you.
Critical Illness Cover
While life insurance is there to pay out in the event of your death, there are also a few extra life cover options available for you. If you opt to take out an additional policy of critical illness cover (CIC) on top of your standard life insurance policy, it will pay out a tax-free, one-off payment if you become ill with a condition that’s specifically covered by your policy – for example, a stroke, heart attack, and certain types of cancer. Be sure to check the specified illnesses and conditions you’re covered for when taking out your insurance.
It can help you pay for any mortgage payments, rent, and debts, as well as home modifications (stair-lifts) and mobility aids (wheelchairs) that may be needed as a result of your illness.
Critical illness cover helps you focus on recovery and dealing with the illness, without having to worry about finances and not being able to work.
The Cost of Life Insurance
Life insurance cover for an average 30-year-old, non-smoking adult, can literally cost less than the basic Netflix subscription. People tend to think the cost of life insurance policies is close to treble figures, but that is very rarely the case, as it can be as little as around £5-10, depending on your situation.
For the cheapest life insurance cover suited to you, simply get in touch with us today at Life Quotes Compare, and we’ll help you find the best policy for your needs.
The amount you pay will depend on a number of factors, including:
- The amount of cover you need (£100,000, £200,000, etc.)
- The type of cover you need (whole of life insurance, level term, etc.)
- How old you are at the time of taking out the policy
- Your health at the time of taking out the policy
- Whether you are a smoker or not
- Your lifestyle (extreme sports, dangerous activities, etc.)
Life Insurance Policies at Life Quotes Compare
Life insurance cover may not be as attractive as other subscriptions like Netflix, Playstation Plus, or Apple Music, but you really do get something back for it. You get peace of mind by knowing that you will be supporting your dependants and family in the event of your death, providing financial security when you’re no longer around.
Here at Life Quotes Compare, we work with the best life insurance providers in the UK to help you choose the right cover for your personal needs. For a free, no-obligation life insurance quote today, simply get in touch with us today and we will be happy to help you find the best cover in relation to your circumstances.