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Should life insurance come before home insurance?

That’s not an easy question to answer, as everybody’s priorities are different, but surveys show that in actual fact, most people feel that life insurance is much more important than insuring material possessions – and here at Guardian Wealth management, we’d definitely agree. However, despite this, one in three people insure their homes as a priority over taking out crucial life insurance – which ranks a lowly fourth place in the type of cover that people organise for themselves and their families.

So why is life insurance so important?

If you fail to take out life insurance, the devastation that you feel when a loved one dies can quickly be compounded by financial devastation too. As things start to return back to normal in terms of day-to-day living, families can soon find that their current lifestyle is no longer sustainable. This, in turn, can lead to hard decisions having to be made – such as selling the family home in order to make ends meet. This can be a huge upheaval, especially so quickly after a loss – especially when you consider that it’s not just the bricks and mortar that you’re selling, but important memories of your time spent together before your loved one was taken away from you.

The nuclear family is becoming a thing of the past, with families being made up of all kinds of different permutations – but regardless of your family structure, if you have a partner or dependents, it’s essential to make sure that they’re financially covered and will be catered for if the worst should happen.

Life insurance advice from people who understand

Mark Saunders, regional manager of the Sweden office, has admitted that he fully appreciates this potential scenario. With three young children in the family it soon became clear to him that life insurance was going to be a vital part of his planning in order to ensure that he is fully covered and that his children will have the funds needed to be well looked after should the unthinkable happen. Additionally, with his wife currently a stay-at-home mum and therefore not bringing in an additional wage, he also realised that it was essential to secure life insurance cover for her too.

Here at Guardian Wealth Management we understand how difficult it can be to broach this sensitive subject. Our advisors can provide you with a full financial health check and advise on the best way to protect your family and loved ones, while also being considerate of the difficult nature of facing these decisions. If you’d like to talk to someone for some impartial life insurance advice, don’t hesitate to contact us.

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