Unless you are invincible, have discovered the fountain of youth or your Benjamin button then the answer is yes. We are all going to die at some point. So why would you not prepare yourself and your loved ones financially for this happening? 
Life insurance pays out a lump sum upon your death. Upon your death you may leave behind a number of circumstances or people that may have relied on you financially. A life insurance pay out could ease that financial burden when you are gone. It won’t replace you, but it can certainly help those you leave behind. 


There are many reasons you should take out life insurance. If you have a mortgage, children or a business you need life insurance. Life insurance leaves a tax-free lump sum to those you leave behind to help for things they need when you’re no longer here. There are 3 main reasons to insure yourself: 
If you have a mortgage 
If you have an outstanding mortgage, you could take out a decreasing term assurance policy that will clear your mortgage in full upon your death so that your Partner (or co mortgagee) can clear the mortgage with the pay out so that they can remain in the family home and survive on a sole income. As the cover amount decreases each year in line with your mortgage, this is the most cost-effective policy you use to cover your mortgage. If you have a mortgage this is the MINIMUM level of cover you need for yourself. 
If you have a family 
How would your family manage financially if you were to die and your income were to stop? A simple life insurance policy can leave a tax free lump equal to a multiple of your annual income to replace your income for as long as they, my need. This could cover things like funeral costs, your children’s education and life milestones e.g. first car, deposit for their first home or their wedding. It can be used to clear any outstanding debts you may leave behind when you pass. 
If you have a business 
What would happen to your business if you were to die? Who would take over your share of your limited company? A life insurance policy on the key members of a business would leave a lump sum for the members to use to buy that share of the business from those that inherit it. It could leave a cash lump sum to fund finding your successor or replacing you within the business. 
Remember: Life insurance isn’t for you, its for those you leave behind! 
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