The old saying goes that there are no certainties in life apart from death and taxes, but despite the undeniable reality that we will all die one day, a large percentage of the population have not made good provision to pay out a lump sum to their families after they have gone. There are many important reasons why taking out life insurance is a good idea, and the top 10 are discussed below.

1. As mortgage cover. Mortgage lenders will insist that all parties named on the mortgage documents have adequate life cover which will pay off the outstanding mortgage in the event of a death.

2. Income protection. Although the mortgage may be paid off in the event of a sudden death, if the family’s breadwinner dies suddenly, the surviving family members can still be left with a serious financial headache. A good life insurance policy will give them breathing room to sort out finances without worrying about paying the bills.

3. To top-up employer cover. Many employees mistakenly think that their employer’s cover will be sufficient. Not all employers offer life insurance to their employees, and with those who do the levels of cover varies. Taking out a private life insurance policy in addition to any employer’s scheme will greatly increase protection.

4. It’s easy to set up. In the past, taking out a life insurance policy could involve lengthy forms, medical checks and paperwork. Nowadays life insurance can mostly be organised online, with the minimum of fuss and time required.

5. Education expenses. Parents who have children in fee-paying schools or who are expected to go to University may take out life insurance as a way of guaranteeing that the fees will continue to be paid in the event of their death.

6. Funeral costs. The average funeral in the UK costs around £1,500 and many people take out life insurance policies as a way of ensuring that bereaved family members do not have to worry about paying for a funeral.

7. Childcare costs. The death of a parent whose children are still young could leave the surviving parent with no other option but to give up work to care for their family. Life insurance policies for families can provide enough cash to allow the surviving parent to keep their work and pay for a good level of childcare.

8. Mutiple Beneficiaries. Many life insurance policies will give the policyholder the flexibility to name several people on the policy, and stipulate how the money should be split between them.

9. State Top-Up. The current austerity package means that there is an ever-increasing squeeze on welfare payments. Good life insurance means dependents won’t have to turn to the government for support.

10. Price. The life insurance market is becoming increasingly more competitive, and good policies are not as expensive as people think.

Around 10% of the UK population is covered by some form of private medical insurance, and the figure is rising all of the time. Many families are covered by policies supplied by an employer, but others choose to pay for their own policies.

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Author Bio: Why life insurance is important? Read more about the finest Life insurance broker in UK only at http://www.ukhealthinsurance-services.co.uk/

Category: Finances
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