Thinking about what will happen to the financial health of our loved ones when we pass away can be tricky to fathom, let alone prepare for. And the idea of yet another expense is not overly attractive when mortgage rates are rising again, and the cost of living isn’t getting any cheaper. Life insurance can essentially feel like a scam.
But, says Lorna Hopes, a financial adviser specialising in mortgages and life insurance at Smith & Pinching, taking out life cover early can make a real difference. “Don’t keep it on that to-do list,” she says. “Make sure you’re looking at it, considering all your debts, what you’ve got, what you might want to protect, and the sooner you take it out, the better, because then you’ve got financial security for the future.”
