Why do you need life insurance?
There are many reasons someone might need life insurance, but some of the most common reasons are to provide financial security for a spouse or children in the event of the policyholder’s death, to pay off debts or other final expenses, and to fund taxes.
It can also be used to cover funeral costs. The average funeral in the UK costs £4,927* for a traditional burial, which is a large sum of money and can be difficult for families to afford. By taking out life insurance, you can reduce the stress on your family, as they will receive a sum of money to finance the funeral.
*Figure taken from the Sunlife Cost of Dying Report 2022