Life insurance does not make one rich but makes sure that your loved ones can mitigate any financial obligations they may face when you are not around. The most common reasons to take out life insurance are as follows:
Protect Your Family
Starting a family is a life-changing experience and a huge responsibility so it is very important to consider how they would financially cope if you were no longer around. It may be an uncomfortable thought but life insurance is a way of providing further care in your absence.
Helping With The Mortgage
Another reason for life insurance is to help cover mortgage repayments (decreasing term) to ensure that your loved ones can remain in the family home. The sum assured decreases over the years as the mortgage is paid off but will cover the remaining amount owed if the unexpected happens.
Funeral Costs
Life insurance can be set up as well to cover the funeral expenses which according to one survey the average cost was just over €5,000. For a small monthly sum, this event can be covered thus avoiding financial hardship for those who remain behind.
Whether it is straightforward life insurance, term assurance, or decreasing term, we at efpg are here to help so please give us a call on 951 81 80 01 or send us an email to info@efpg.es to discuss your life options in more detail.
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