Life insurance provides customers renting with peace of mind
If you are renting your own home, there is a good chance that you won’t have thought about taking out a life insurance policy yet, as traditionally you don’t worry about taking them out until you buy your first home. With the first rung of the housing ladder so far away, this could be a big mistake.
The earlier in your life you buy a life insurance policy, the cheaper it is, and the more life insurance protection you can get yourself when you are younger, the less you’ll have to add as you move further and further up the housing ladder as you can afford more house.
If you have children or a family, you should also consider taking out life insurance while you’re still renting, as that family is relaying on you. If you live with someone, have children, or provide accommodation for a family member, they are relying on you and your income for a roof over their heads, and if you were to die suddenly tomorrow, they’d most likely be unable to afford the rent on the home you live in.
With a life insurance policy, you can buy yourself a level of cover which would leave them money behind if the worst happened, and all for just a few pounds a week. A 25 year old taking out a life insurance policy for £150,000 worth of cover would expect to pay less than the cost of a pint of beer a week, but if that person was to suddenly die, then the life insurance policy would pay out £150,000, money that customers loves ones could use to buy their own home, or to continue paying their rent for as long as they need.
Life insurance provides peace of mind that your financial responsibilities will be looked after, and even if you are renting your own home, there is a good chance you will have financial responsibilities to consider.