Life insurance? Isn’t that for old folk? I’m only 33. I still don’t even own a dishwasher. Dishwasher or not, there’s a load of reasons when maybe getting yourself some life insurance begins to make sense.
Obviously it’s a balance. If you haven’t got any debts or dependents, then there’s nothing much to insure you against. You might be better saving. Or having fun. Proceed with enthusiasm. But if you’ve recently bought a house, got married, or have a partner with joint finances, had a baby or two, then these could be good reasons to consider whether you may benefit from a little product called life insurance.
The younger you are, the less chance you’ll keel over anytime soon. Statistically, we mean. Insurers love that. It means they’ll get heaps of your premiums before having to pay anything out. So those premiums will be cheaper. The longer you leave it, the more you’ll pay over time.
That’s the million dollar question. No-one can answer this apart from you. If there are people who may be financially impacted if you were to die, then it could be worth investigating. If you’ve got tons of cash in the bank, and if the worst were to happen, your loved one would be financially OK then perhaps not. But it’s your call.
There’s no rule that you must have life insurance to get a mortgage. Indeed around 25% of house owners don’t have it. But what happens if your mortgage lasts longer than you do? Alas the mortgage doesn’t die there; those clever banks are a bit protective of their money.
Whoever you’ve left your house to will be responsible for paying for it. Selling it is one way to wipe out the debt, presuming the house hasn’t dived into negative equity. But what if they’ve been living there with you? You can’t help leaving behind broken hearts; but bequeathing the stress of finding the cash to pay the mortgage or having to sell up is a double whammy easily avoided.
Maybe you’re not quite ready to buy your own home. Renting is still a considerable commitment. Your partner will still have to pay the rent, if something were to happen to you. With the average monthly rent in the UK, as of January 2021 being £981, it may be worth considering how much a few years rent might be. Or you could be even more generous and leave them enough for a decent deposit for a house. Options. Just saying.
Nothing says “I love you” like getting a joint bank account. But if love’s young dream is cut short, any debts, credit cards, overdrafts etc left behind are going to have to be settled, or paid for. Worse still if you took out a joint loan before you popped off, or someone was a loan guarantor for you. Then they’re legally responsible for your debt. In the UK credit card debt averages £2,238 per household. Chuck in other loans, and the average household debt is closer to £10k (excluding mortgages). Taking out enough life insurance is a sensible way to cover your debts after you’re dead, and ensure you don’t leave your loved ones with the worry of debts. Thoughtful.
At DeadHappy, we’ve already thought of this. Our Deathwishes allow you to think about what you’d like to cover in the event of your death, so you decide what needs paying, whether you want to cover your funeral costs, or if you want to treat someone, and insure it accordingly. Refreshingly simple.
With our streamlined application process, we only 4 quick health based questions. It's really that easy...
Children cost a lot of money. And they never stop. The bank of Mum and Dad has never done better business. So when one parent isn’t around anymore, the funds can quickly dry up. Life insurance ensures kids carry on with their lives as normal as can be. As Kylie once said to Robbie – ‘We’re doing it for the kids’. Even if you don’t have aspirations for your offspring to attend an Oxbridge university, the cost of raising a child is hair-raisingly expensive.
Even from a very early age, they’re burning through cash at an alarming rate. Full time nursery for example, costs an average of £252 a week (which of course, depends on where you live) and have you seen the cost of nappies, or a pram? Once at school, free childcare you say, not so fast. After school clubs cost an average of £150 a week, and don’t get us started on the cost of feeding them as they grow into teenagers and their constant need for new clothes as they grow like weeds.
University is a whole other universe. Of course, it’s optional but, if the worst happened, would you want to leave a lump sum for your children once they come of age, whether used for university, to travel, put a deposit on a house or start their own business. More to think about.
Life insurance doesn’t just have to be about covering debts and protecting stuff. Dying is shit enough for those you leave behind; so why not invest in a little happiness for them.
Here at DeadHappy we created Deathwishes so you can be plan for how you want your life insurance payout to be spent. An ABBA tribute band at your funeral? A full size bronze statue of yourself for the garden? That sports car you never allowed them to buy. This is your chance, be creative, or not.
Life insurance can be complicated and costly. If that’s your thing, you’re in luck. A bunch of companies are only too eager to make you pay too much, spend too long form filling, and perplex you into staying put. It’s easier for them that way.
Everyone needs unique life insurance based on who you are today, what you really want to happen when you die, and that can adapt to the twists and turns of life. That’s why we created DeadHappy.
We’ve created a life insurance policy that’s really easy, really quick to buy, flexible and probably really cheap compared to traditional life insurance companies. We’ve done things differently. By offering you prices based on who you are today, not who you will be in 20 years time, and flex when life changes. And we’ve won awards for it too.
With just 4 questions you can probably get covered online in around 4 minutes. Don’t just take our word for it. We’ve also got 5 stars from hundreds of DeadHappy customers on TrustPilot and of course, we’re fully regulated by the Financial Conduct Authority. See the reviews for yourself.