When should I think about Life Insurance?

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 life insurance begins to make sense.

Buying Life Insurance when you're young

The younger you are, the less chance you’ll keYoung plantsel 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.

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.

So do I need to get life insurance if i'm buying a house

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.

buying a house

Whoever you’ve left your house to will be on the hook. 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.

If you’d like to read more, we’ve written a full article about the subject: Do I need Life Insurance to get a mortgage?, if you’re interested.

Settling down, ‘adulting’

But have you seen house prices? You may be thinking that’s nothing I’m going to have to worry about anytime soon. Maybe, but mortgages aren’t the only nasty debt you can rack up.

Nothing says “I love you” like getting a joint bank account. But if love’s young dream is cut short, any debts left behind are going to be settled from it. 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. Oops!

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.

Starting a family

Starting a family

Ankle biters 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’.

Leaving a legacy

Life insurance doesn’t 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 specific about how you want your life insurance payout to be spent. A marching mariachi band at your funeral? A full size statue of yourself for the garden? That sportscar you never allowed them to buy. The wedding dress you’ll never see her wear. Go for your life… before it ends.

I'm sold.  But how do I get life insurance?

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. It’s enough to put you in an early grave.

Truth is, 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’re nice, like that.

What you’ll notice is that we’ve create a life insurance that’s really easy, really quick to buy and likely, really cheap compared to your usual suspects.  With just 4 questions you can probably get covered online in around 4 minutes.

I'm convinced.  Get me a quote!