Life Assurance – 5 Reasons it is Important

So, you’d think as we’re called Zing Mortgages, we’d be writing about mortgages this week, right? Well, it’s not that we don’t love mortgages (we can’t get enough of them), but it’s that we offer insurance to our customers too. Yes, at Zing we offer all different kinds of cover and protection – ranging from life assurance to building & contents insurance too.

This week, we’re here to talk about life insurance, focusing on life assurance policies (which pay out a lump sum on the death of the insured) and covering the importance of taking it out – especially when you have a mortgage. Financial stress is the last thing grieving families and loved ones need to worry about, so life assurance is a way to protect them against this.

Find out why Zing feel that life assurance is important, right here. We’ve got 5 reasons why you should consider taking out life insurance.

Life Assurance – what is it?

As we’ve already said, in short, it pays out should you pass away. In the event of this occurring, your family or loved ones (whoever you have named as beneficiaries) will receive a sum of money from the insurance company. When taking out something that is a great expense, like a mortgage, ensuring that there are suitable means to cover the repayments is key, that’s why Zing recommend that you look into life assurance cover when it comes to getting a mortgage as the bare minimum.

Here are our top reasons that life insurance is important.

The Importance of Life Assurance

1. To help manage Debts and Expenses

Families going through losing a loved one may worry about finances. It’s a difficult time, and one of the last things families and loved ones what to think about is how to manage finances – specifically, debts and expenses. Whether it’s a mortgage, credit card, loan or car repayments, families left without the means to repay can begin to struggle. This is something that can be an extra burden, which can easily be avoided with a life assurance policy. Your pay-out, should you pass away, will mean that debts and expenses can be paid, to alleviate financial stress.

2. To offer Financial Security

As we said above, financial worries are an extra burden that grieving families and loved ones don’t need. Ensuring that your family are financially secure after your passing is what life insurance can offer. When your household drops to a single income, your family’s financial future can look bleak. However, life assurance means that your family will be secure financially from the pay-out.

3. To leave Inheritance

The worry that, in the event of your passing, will there be any form of inheritance to leave behind is one that crosses all our minds. Because, taking out a mortgage doesn’t mean you outright own the home, and whilst your house is an asset, your spouse or partner may have to finish paying the mortgage before they can inherit it. Life assurance is a way to make sure there is some form of inheritance for your family and loved ones. The payout means that there is something left for your family after you’ve passed away.

4. To ensure your family is Protected

Your passing can mean that your family is left without the means to look after themselves. We’ve spoken about the financial strain death can put on a household, but it’s because managing debts, expenses and the finances of everyday life is no easy task, especially after losing a loved one. Life assurance means that your family is left protected, after your death. Providing them with the means to look after themselves can alleviate pressure and stress.

5. To give yourself Peace of Mind

It’s a sad fact, but also very true – no one knows when death could come. Sometimes, it’s unexpected, and you may not be prepared when it happens. But, taking out life assurance means that should the worst happen, your family is protected and financially secure.

Zing can offer you quotes of a full range of life insurance, so you can rest with the knowledge that should something happen, your family are secure. Speak to us about Life Insurance.

Sorry for the doom and gloom! We’ll be back next week with something a little more upbeat.

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