What would happen if you died without death cover?
Many of us gloss over the idea of death cover (also known as life insurance), perhaps thinking we’ll never need it, are too young for it, or think we’ll have enough money to leave behind in the event of a tragic accident. However, not enough people are talking about the importance of life insurance, which needs to change.
Death cover is a policy that once purchased, pays out a sum of money upon death. Contrary to popular belief, life insurance is not exclusively for the elderly. Think of it like this: you’re the sole provider for your family, but you have an accident at work. Sadly, you pass away, and your family members are left to find a job to meet ends meet, not to mention pay for the funeral service and other associated costs.
While it may not be the most pleasant topic to discuss or read about, it is super important to consider. This article will discuss what would happen if you died without death cover to help start the conversation.
Funeral costs
Your friends or family members would be left to pay for your funeral expenses. Without insurance in place, this can become a real burden for family members, putting them out of pocket to give you the send off you deserve.
To avoid the added stress of footing the bill alongside mourning, you should purchase life insurance to cover all of these related expenses, reducing stress during what would be a no-doubt difficult time.
Outstanding debts
If you are to pass with outstanding debts, these may be passed down to your family to pay. This can create tension between the family, especially when mixed with getting to terms with your passing. However, if you have death cover, this will cover these expenses (dependant on your package).
Reduced stress for your family!
Purchasing life insurance, whether you’re young and fit or not is something you should seriously consider, especially if others are financially dependent on you. This allows you to protect your family, not placing an additional financial burden on them if you are to pass sadly.
To find out more about purchasing death cover, click here.