Typically, it’s important to have Life Cover in place if your death will have a financial impact on others. If you have a family and dependants, your death could be financially devastating to their finances.
The type and amount of Life Cover you choose should be based on your individual circumstances and requirements..
However, if you have no dependants, you may just require minimal cover to pay your outstanding debts and ensure your affairs are left in order.
A life cover pay out can ensure:
Your mortgage is paid off when you die, and your family is left with a home free from large monthly repayments
Funeral expenses and any outstanding debts are cleared
Your dependants can continue to maintain their lifestyle despite the loss of your earnings