Censeo / Affordable Housing / Life Assurance / Why do I need it?
Why do I need it?
Significant life-changing events, such as the death of a partner or diagnosis of cancer for example can be devastating to a couple or family and often the implications can be far reaching, beyond the emotional effects of dealing with the event.
The loss of income from the only earner, or even, one of the earners can have an enormous impact upon the financial wellbeing of a household. This is why it is essential to make sure that there are adequate safeguards in place, protecting you or your family from the financial effects of a significant life event.
The loss of income from the only earner, or even one of the earners, can have an enormous impact upon the financial well-being of a household. This is why it is essential to make sure there are adequate safeguards in place, protecting you or your family from the financial effects of a significant life event.
Many of us have a benefits package with our existing employer, which will pay out either a lump sum in event of death/critical illness, or a regular monthly income in the event of long term illness.
However, the benefits offered by these schemes are designed as income replacements, not necessarily to cover your debts or to give you and your family the protection of a capital lump sum in the event of your death or debilitating event.
The aim of these assurance schemes is to ensure that should you experience an event that you can claim against, you are an asset giver and not an asset stripper.
Next: What is life assurance?
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