It’s understandable that life insurance isn’t something many of us want to think about – why would you want to discuss what’s going to happen after you die? However, it’s an important form of cover to consider because it can mean ongoing financial security when you’re no longer around.
What is life insurance?
Taking out life insurance means that your family won’t suffer from financial hardship once you’re gone. In the event of your death, your life insurance will provide your family with a lump sum payment which they can use as they see fit. The amount your loved ones receive will depend on how much your policy is worth. For some tradies, leaving their family enough money to pay off the mortgage may be enough while others may want to leave more – that’s something you can discuss with your family ahead of time so there are no surprises.
What can the money be used for?
Once your family has received their lump sum payment, they can use the funds however they wish. Often, the money is used towards paying off debt including mortgage, vehicle, credit card, and loans. It can also be used towards ongoing expenses such as rent, utilities and other regular payments. If you have children, it can cover things like education, extracurricular activities or savings for when the kids grow up. The money can also help lessen the burden of daily living costs such as groceries and recreation.
However your family choose to spend the money, the point is that they won’t be left with a huge financial burden.
For tradesman life insurance, contact All Trades Cover today and we can discuss your situation. You can also get the ball rolling on a quote for life insurance by filling in our easy online form.