Should I consider life insurance if I'm renting?

There are many reasons to get life insurance as you get on in life. It’s the important things in life like your family and your home that are worth protecting. 

Yet it may seem like something to consider when you get a mortgage. I mean it makes sense that you want to make sure that it is covered. It is also important to consider it at other stages of your life though. The fact of the matter is that we tend to take on debts or incur certain costs when we pass away. Life insurance is an option for helping to make sure these things are taken care of. 

Why is life insurance important while renting?

Getting life insurance might be something that you’ve thought of as something you get at certain stages. The main example of this is when you get a mortgage. It’s a significant financial investment so it’s important to protect it. 

With life insurance, it can often be the case that getting it sooner rather than later could stand to you. Life insurance can often be associated with one of the big milestones in life. Having kids or getting a house is seen as the ‘traditional’ time for life insurance. Yet, there can be benefits to having it sorted out no matter what stage you’re at. 

What are the potential benefits of having life insurance while renting?

You may be thinking that because you haven’t got any significant financial debt and you’re renting that life insurance isn’t for you. This can be a tricky mindset to have when it comes to your life cover. 

There are certain costs that add up when you pass away. One of the major ones is paying for your funeral. I know it might sound a little morbid but the cost of a funeral has been on the rise for the past few years. Average figures put the cost of a funeral with burial at over £40001. Would this be something that your loved ones could pay for at short notice? Oftentimes this kind of expense can stretch finances to their limit.

Another thing worth considering is some of the financial commitments you have made. While certain debts you have incurred might be written off in the case of your death there are other situations worth considering. If you have any financial commitments that you got with co-signatory or guarantor they may be liable for the debt. Things like a loan or overdraft on a joint account would need to be paid off by those you leave behind. 

Your partner could be glad of the insurance benefit too. Should you pass away and you were renting together it could leave them exposed. Trying to pay the full rent at short notice could leave your partner under severe pressure.

Get straightforward life insurance

Getting a life insurance policy sorted out isn’t everyone’s idea of glamorous. Yet, with Smart Life Insurance you can make sure that you leave a little something behind to make things easier. 

It might seem like the prospect of dying is far away or somehow distant but tragedy can strike at any time. That might sound a bit doom and gloom but you shouldn’t live your life with that weighing on your mind.  With a life insurance benefit, you could help your loved ones out with any financial debts you might leave behind. If you've still got a couple of questions about getting life insurance you can read our article which has everything you need to know about buying life insurance. 

1. Figures taken from the British Seniors Funeral Report 2020.

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