Do you know that over half of British adults lack life Insurance?

There are so many ways in which we can prepare for the unexpected challenges life throws at us; we will take out travel insurance before we go abroad, to cover ourselves for cancellations or lost bags. We might get house and contents insurance to make sure if our home is broken into, we can get our belongings replaced. Yet surprisingly, many British people go without life insurance, even though it will provide a safety net for our loved ones if the unthinkable should happen.

Castle Cover Insurance

Recent studies show that while 97% of adult surveyed were aware of the benefits of life insurance, only 44% of people have taken out cover. That's over half of British adults who do not have a life insurance policy.

Perhaps it is our fear of mortality which prevents us putting life insurance at the top of our list? After all, it’s not something we generally like to think about, but the unfortunate truth is that we don’t know what could happen tomorrow, and this is why it pays to be prepared.

Another likely factor in few people getting life insurance is not having enough information about it, or understanding how it works. It is actually quite straightforward, and your insurance advisor will be able to answer any questions you have. Essentially, life insurance can cover a variety of different things, depending on which policy you choose.

There are different types of policy to suit your personal requirements, whether you want to cover the cost of repaying your mortgage if you were to pass away, or to ensure a financial lump sum is paid to a chosen beneficiary when you die. You can also take out critical illness policy, where you can be given financial support if you are diagnosed with certain serious diseases that affect your life and work.

At the end of the day, taking out life insurance is quite straightforward, and premiums are quite low. Plus you can find a company and policy that suits you and your lifestyle; for instance, Castle Cover insurance specialises in policies for the over-50s. It’s worth the peace of mind in knowing your loved ones are not left in financial strife or struggling with funeral expenses, bills or other financial liabilities in the event of your passing.

It seems strange that we should spend more money insuring our belongings and our holidays than we do our family’s financial wellbeing. To look at it like that really does put things in a new perspective.