The idea of Life Assurance goes back to at least as far as the ancient Romans. You may never live to enjoy the benefits (unless you opt for a plan with a savings element that can be surrendered) but for those you leave behind the financial security is essential.

So why are as many as 30% of Britons not using Life Assurance to protect their loved ones?
People give plenty of reasons why they don’t need, or can’t afford life assurance. We look at some of the most common – and why those reasons don’t make much sense.

I CAN’T AFFORD LIFE ASSURANCE.
We are just coming out of a recession – and with budgets still tight some of us are putting off buying life assurance. It’s a false economy – those we leave behind will still need financial security, whether the economy is up or down.
Life assurance is not as expensive as you might think. To put it in context, insuring your mobile phone, or buying a fancy coffee once a week could well cost more than some types of cover.

I DON’T NEED COVER.
Even those who are single with no dependents may need life assurance to cover funeral costs. These are soaring. The average funeral cost in the UK is now around £3000 while Londoners pay an average £4600. That’s quite a burden for those you leave behind.
But there is another reason. If you are single now, this might not always be the case. The sooner you start a life assurance policy, the less it can cost. Should a family come along, you’ll be able to provide financial protection for less.

GETTING COVER WON’T DO ME ANY GOOD.
Of course you will never personally see any return or benefit of a normal life assurance plan, it is generally an emotive decision you make to ensure the people you leave behind will be able to at least maintain a standard of living.
There are plans that can be surrendered and contain savings elements. However none of  us knows what the future holds – and if we were to become ill, we might spend our valuable time worrying about how our dependents would manage.

MY EMPLOYER GIVES ME LIFE ASSURANCE.
Your employer might have some cover in place such as death in service, but it’s probably not as much as you would want for a partner or children who depend on you and when you leave your job, you leave the cover behind.

MY PARTNER IS THE BREADWINNER.
The main breadwinner may need to replace the family income. But even a partner who does not go out to work still makes a valuable and economic contribution. How much would it cost to replace a homemaker, and cover cost for childcare. Both partners need cover to protect each other and their dependents.

IT CAN WAIT
Actually it can’t. None of us know what’s around the corner – and the younger we are when we buy a policy the less it costs.

Although thankfully not a daily occurrence, we have experienced and seen the benefits of Life Assurance and Critical Illness being paid out to our clients, and the good it does in a very difficult period in someone’s life and how it helps to deal with the financial issues that are often left behind after a loved one’s death or serious illness, because they have been able to pay off the mortgage, and to be able to afford the change in lifestyle.