The insurance we pay no attention to that protects everything we love

When it comes to protection, we don’t think twice about insuring our homes, cars or tech gadgets yet, when it comes to ourselves and our own health we seem to find any excuse to put it off.

It’s understandable why no one likes to discuss life insurance (it’s not exactly one of the most exciting topics) yet, it could protect your loved ones if anything was to happen to you. Here’s why as a Contractor you should consider the insurance we pay no attention to, Life Insurance:

• As a Contractor, your most likely the breadwinner in your household. In the event of your passing, a life insurance policy will pay out to your loved ones providing them with financial security
• Life insurance can help reduce the distress of losing a parent or partner. In an already difficult time, your family do not want to worry about money problems. The payout from a life insurance policy could help compensate for a loss of earnings for those you leave behind
• The money from the payout can also be put toward any unpaid debts – such as the mortgage. If you were to pass away, the mortgage would fall to your partner or family members. By having a life insurance policy you can assure they have a roof over their heads even if you’re not there
• Some life insurance policies can also put money towards funeral costs. The BBC reported that the cost of funerals has increased by 3.5% compared to the previous year (2016/17). This financial burden can be reduced with a life insurance policy
• If you own a limited company, you can pay for life insurance through your company as a business expense rather than out of your own pocket and taxed income. This is known as Relevant Life Insurance, and can make you significant savings
• Best of all, having life insurance in place will give you peace of mind that your loved ones are looked after no matter what the future holds

While there are a number of personal reasons why someone may or may not look into purchasing life insurance, one thing is for certain – the event of your passing will have an impact on someone’s life.

Make sure that your partner, family and anyone else you hold dear are financially protected with a life insurance policy.

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Disclaimer:

The information in this article has not been written by Caunce O’Hara & Co Ltd or any of Caunce O’Hara’s employees. None of the opinions or views contained within this article are Caunce O’Hara’s nor do we accept responsibility for any financial advice given within the article.

Caunce O’Hara & Co Ltd do not provide Life Insurance policies nor advice regarding Life Insurance or accounting and bookkeeping.