If leaving a lump sum of money to a family member is important to you when you die, for peace of mind, life insurance will be worthwhile.
Half the UK population are now over the age of 50, therefore, the demand for life insurance and mortgage options for the over 50s is increasing.
Having an over-50s life insurance plan in place will help your family members financially, provide stability, and buy them time to grieve and organise their finances after you’re gone.
It’s worth talking to your family members about what life insurance arrangements you’ve got in place, so they know what to action and who to call in the event of your death.
Your state pension will stop immediately, and your bills will need to be paid so having a lump sum that is paid out quickly will help ease this financial pressure.
Therefore, paying what you can afford per month will provide financial stability to your family if they would struggle without your income coming in.