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Why You Should Make Buying Life Insurance Your New Year’s Resolution

December is the month for excitement, festivities, and reflection.

With plans for most weekends and Christmas shopping to be done, as well as extra work commitments, office Christmas parties and school nativities to attend, it’s pretty much ‘go go go’ all throughout December.

It’s also time to reflect on the year and everything that you have done and achieved, whilst thinking about your goals and hopes for the year to come. The New Year is when we make resolutions and vow to change certain aspects of our lives. Sometimes this might be to improve our physical health by eating less junk food, quitting smoking or working out more. Others might be to improve our happiness, get more organised or save money for a holiday or special event.

Your resolutions are usually something to improve you and your lifestyle, but what about those around you?

Is there anything you want to do to try and benefit those most important to you?

One thing you could do is look at taking out a Life Insurance policy.

January is always a busy time for The Insurance Surgery. With so many people making plans for the year ahead and getting their finances in check as they enter January, finally taking out the life insurance policy they have been needing is something many people tick off their list.

There are so many reasons why people take out a life insurance policy, and every circumstance is different. You may want to protect your family and your finances, or you may have a pre-existing medical condition that you want to prepare for.

Here are just some of the reasons why you should make buying life insurance your New Year’s Resolution:

Help protect your family if the worst should happen

Having a life insurance policy in place if you were to pass away unexpectedly can support your family through the hardest time of their lives. It can give your loved ones financial support to be able to grieve without worrying about money.

The pay out can keep a roof over their heads and food on the table if they want to take time off work, as well as support your children in the years ahead through school and even university.

They can continue to share moments of joy, even when you are gone.

Support your children financially

If you were to pass away, your children can still have the financial support they need to go on and follow their dreams. A life insurance pay out can provide enough money for their education and to send them to university if this is something they would want to do.

Having that pot of money left behind for them can give them the finances you would have hoped to give them to support their studies if you were around.

The money can also be used to help them get on the property ladder, buy their first car or can be used for a much deserved holiday. The beauty of a life insurance pay out is that the lump sum can be used however they wish.

The sooner you take out life insurance, the lower your premiums may be

There is no right or wrong age to take out life insurance, but typically the younger you are when you take out a policy, the more affordable your premiums may be. Many people decide to take out a life insurance policy when they first take out a mortgage, or when they settle down with a family.

The older you get, the more at risk you are to insure in the eyes of the insurance company. As you age, you’re more likely to pass away, which then pushes up your premiums. The sooner you take it out, the better.

Have some peace of mind

You’d do anything for your family, so having the peace of mind that they will be supported financially when you’re gone will feel like a weight has been lifted. Financial planning after a bereavement can be incredibly stressful.

With life insurance, you know your family will be looked after and supported.

Pay off your mortgage

If you pass away suddenly, your partner may struggle with the mortgage payments each month without your income. With monthly outgoings that sometimes seem never ending, a large chunk being covered off can help considerably.

You can also ensure there is money in the pot to pay off other debts, car finance or credits, so your partner doesn’t have to worry about them when you’re gone.

Life Insurance with Pre-Existing Conditions

Anyone living with a pre-existing condition such as diabetes, obesity or Crohn’s disease, may have been declined for a life insurance policy elsewhere.

It can be a difficult process to go through, especially if an insurance company isn’t as aware of your condition and treatments as they could be. At The Insurance Surgery, we use our 20 years worth of experience to help people with conditions ranging from cancer survivors to those who have a high BMI. We recognise which providers are the best fit for your personal circumstances to make the application process as stress-free as possible.

When you apply for life insurance, it isn’t always guaranteed that your application will be accepted. This is because different insurers and underwriters take varying views towards what level of high risk client they consider to be acceptable. Because of this, a lot of people have their application declined by other providers and brokers.

Being refused life insurance cover can be incredibly disheartening, and often puts people off from trying elsewhere.

If you are looking to take out a new policy in the New Year, 70% of our customers that have been refused life insurance elsewhere, but get accepted through The Insurance Surgery.

Being declined elsewhere does not make you uninsurable. We are specialists in finding life insurance for people with medical conditions or dangerous occupations.

We know exactly which provider can help your specific circumstances and work with only the best providers to find a policy that has adequate cover for you at a price that you are happy with.

Why should I review my life insurance policy in the New Year?

If you already have a life insurance policy in place, reviewing it could be a good option, particularly if your circumstances have changed recently. We often hear people say “I have already got life insurance, why would I change it?”

Changes in your lifestyle can impact the amount of life insurance you might need. Subsequently, it could also change the price that you pay every month.

If you have life insurance for High BMI but have lost weight, this could lower your premiums. Your premiums can also lower if you quit smoking. Keeping your life insurance policy up to date is key – especially as it means there will never be an issue with your pay out should the worst happen.

You can learn more about reviewing your life insurance policy here.

New Year, New Policy

This year, forget new year’s resolutions that make you miserable or that you can’t keep up. Instead, make a positive change for the whole family. We never know what is around the corner, and life is too short for regrets. None of us know what the future holds, so preparation is key. With the New Year just around the corner, you’re probably starting to plan for the year and deciding what needs to change to make your life better. Now is the perfect time to take a look at your life insurance options to look after your family, even if you are not around.

As an insurance broker, The Insurance Surgery has a huge range of options when it comes to life insurance. No matter what your circumstances, we can help you find the cover you and your family deserve, at the best price for you.

We understand that no two applications are the same, so you will be appointed a dedicated advisor who will take your right through to the end of the process and secure you the best life insurance policy for your family.

To start the process, simply fill in our online application form and someone will be in touch to talk through your options.

Here’s to 2022 – a happier and healthier year for everyone.