The corner stone of any financial plan should be to protect your loved ones. In the event of your death or indeed the death of your spouse/partner who also shares household responsibilities whether financial or not.
It is human nature for many of us to think we are infallible and ‘it won’t happen to me’. I also feel that many of us believe that their employer (or even the state) would look after them. It is true that some employers provide death in service payments and some of us may be fortunate to have savings. However, if you were to forensically go through your outgoings you will realise this money would soon be used up on everyday expenses. But if you had life assurance to pay off the mortgage for example or provide a nominal monthly payment to loved ones, then this money would last much longer.
There are many different products on the market at the current time and it may seem confusing and you may ask whether the premiums quoted are competitive. This is where the value of an independent financial adviser would come into play. A good financial adviser would look at your individual circumstances holistically and recommend a suitable solution.
Finally, please do not feel that because of the current pandemic, you cannot apply for life assurance or it will be more expensive than usual. Yes, we have seen a small number of questions appear on applications due to COVID-19 such as ‘have you tested positive or been diagnosed with COVID-19’, however if these do not apply, it is expected that you will be able to apply as normal.