Why You Should Make Buying Life Insurance Your New Year’s Resolution

It’s that time of the season when we start to think about the New Year and what kind of changes we can make in the coming year to lead better and happier lives. Your resolutions might include goals to exercise more, eat less junk and save more money. But what about selfless resolutions? Have you thought about making positive changes that not only benefit you but could also benefit those most important to you?


Getting life insurance sorted is something that could make a big difference to you and to the ones you love. So let’s have a look at some of the reasons why you should make buying life insurance your New Year’s resolution...


Help protect your family if the worst should happen


With life insurance, you can make sure that if you passed away unexpectedly, your family will have some financial support to fall back on. Having life insurance could make all the difference and could help your family to continue sharing moments of joy, even after you’re gone. It can be easy to put off buying life insurance but if the worst were to happen wouldn’t you want your family to carry on with life?


Your premiums could be lower


There’s no wrong age to take out life cover. But you could find that the younger you are when you take out a policy, the more affordable your premiums could be. This is because the older you get, the more of a risk you are to insure. As you age, you can be more likely to pass away so this could push up your premiums. 


Have some peace of mind


If you passed away suddenly, financial planning could cause those you leave behind a lot of stress. With life insurance in place, you can have some peace of mind knowing that you’ve helped to protect your family if the worst should happen.


Ensure there’s money for your mortgage if you died suddenly


If you died suddenly and had outstanding debts like a joint mortgage or car loan, your partner could have to pay it when you’re gone. Life insurance can help you to ensure there’s some money in place to help with mortgage repayments.


It could help cover your child’s medical expenses


With Smart’s Family Life Insurance, you could opt to include Children's Cover. This can help cover extra costs that may be incurred for items like medical expenses and school tuition if your child suffers one of the defined serious injuries or illnesses, which result in permanent irreversible symptoms. For example, it covers bacterial meningitis, paralysis, or encephalitis. 


What kind of cover can I get?


Smart Family Life Insurance can help you to provide financial protection for you and your family by providing a benefit amount to your loved ones in the event of your death or to you, in the event you are diagnosed with a terminal illness. You can apply for Life Insurance cover on its own, or you can combine your Life Insurance with a range of optional covers, including Critical Illness cover, Children’s cover or additional Accidental Death cover.


Age-based - An age-based policy can help you combat the effect of inflation on your life insurance. With a Smart age-based premium, for the first 10 years of your policy, your benefit amount increases by 5% each year and your premium rises accordingly.


That means if your benefit amount started at £100,000, it will have risen to £150,000 after 10 years, giving you a closer match to the costs your family will be covering in the future. 


Level - With a level policy you can set your benefit amount and leave it at that for the rest of your policy term. This means your premiums and your benefit amount stay the same for the duration of your policy. You can apply to increase or decrease your benefit and policy amounts at any time if your needs change. 


Smart Guaranteed Life Insuranceis our life insurance policy that’s available to any UK resident aged 30 to 80. You can select a benefit amount between £2,000 and £20,000, depending on your age and there are no questions asked about your health or any medical conditions that you may have. 


When is the best time to take out cover?


This is a bit like asking ‘how long is a piece of string?’. Deciding to take out a life insurance policy is a personal decision and there’s no wrong time to take it out. If you’re ready to explore your options further, we’re here to help with any questions you might have.


This year, make a positive change for the whole family


None of us knows what the future holds, but preparing as best as we can, could make all the difference down the line. This year, when you’re deciding what resolutions you’d like to make for the year ahead, why not include one that could benefit your family too?


With the New Year just around the corner, it could be the perfect time to start thinking about securing life insurance.