The fact is that a lot of people never get around to taking out life cover. Who’s to say that they are right or wrong. So surely the majority can’t be wrong, can they? Your life assurance policy is providing a tax free cash lump sum or income on death is seen as important by the few but it’s never their right to think that way and to take course of action.
After all, if you are single and have no dependants there is, essentially, no one to protect. If you are young, say 20 to 30 years old, then the likelihood that you are going to pass away before retirement or before you have paid off your mortgage is extremely remote.
Or if you are not so youthful then the costs might prove prohibitive. After all, why pay over the odds for something that might not happen? Or you might have had an illness which precludes you from taking our cover or the premiums increased to an intolerable level.
Perhaps it is all just too much bother. Too many questions to answer and to time-consuming for it to be worthwhile. Too much jargon and lack of clarity
But, perhaps, you have a mortgage and, if you are married, who pays it when one of you dies?
Or you are a parent with children and want to provide a cash lump if you pass away and they are still financially dependent on you. Who pays for them, their food, their clothes?
Perhaps you smoke or are overweight or have been ill in the past. You can still get a life assurance policy in a lot of instances and loading or increased premium can still provide value for money.
So in the main, perhaps, life cover is not important. But for those who want it and see the need in it then it very much is.