Why do I need life insurance?

The starting point for an effective life insurance plan is to identify whether a risk exists. If you have no dependants then the chances are you don't need life insurance. If however there are people who rely on your income, then life insurance should be a priority.

You should be thinking about life insurance if:

• You have a dependent spouse
• You have children who are dependent on your income
• You have an ageing parent or relative who depends on you for support
• You have another loved one you want to provide for
• You have business or estate planning needs
• Your pension and savings are not enough to protect your loved ones from the rising cost of living

How would your spouse or partner, child or other dependant survive if they lost your income?

 

 

 

 

Bigmoney is an introducer for life and critical illness insurance to Wallace Nichols financial services who are regulated by the financial services authority number 226348.