Having life insurance in place can help safeguard your family financially if you die.
For some, bringing up the subject of life insurance is effortless. But for many it can be a difficult conversation and unsettling to discuss.
In this guide we'll explore the concerns around talking about life insurance and what you can do to feel more confident and comfortable discussing the subject.
When is it important to talk about life insurance?
Life insurance can seem like an unnecessary subject to consider, particularly when you're younger. But generally, the younger you are, the cheaper a policy can be to buy.
According to Confused.com data, between 2020 and 2025, the average annual life insurance premium for 18-24-year-olds is £138.25. For those aged 55 and over, the average annual life insurance premium rises to £464.24 over the same period*.
For some, buying life insurance is a developing idea over time. For others, major life events can spur on the action of researching and considering different types of life insurance.
Whether you're buying your first home, getting married or having children, these life events can bring life insurance to the forefront of your thinking.
Having life insurance in place can help ensure your family is financially protected. It can also pay out for any debts or repayments your family may be liable for if you die, such as a mortgage, for example.
Despite the assurances that life insurance can provide, it's not always the easiest conversation to bring up. It's natural to feel slightly unsettled and anxious thinking about the future, but there are some considerations that can ease the pressure in talking about the subject.
Talking about end-of-life plans
Taking out life insurance can be one of the most important financial decisions. But talking about the intricacies is just as important.
Starting the conversation of life insurance can be challenging when discussing end of life and your family's future. The subject can bring up feelings of uncertainty and sadness, so it's always important to raise the topic with understanding and compassion.
One way to do this is by changing the angle of the conversation to find the best solution for organising your finances. Researching the different types of life insurance policies and what they can offer should help you find cover suited to your situation and needs. This can help alleviate stress and provide financial security for your family should the worst happen.
Discussing life insurance when buying a home
Buying a home is one of the most exciting life events you can experience! For most, it's a long-term financial commitment, so it can also be an opportunity to talk about future security.
Quite often you'll need to provide all kinds of financial documents when buying a home, so naturally it's a good time to assess budgeting, savings and more. You can bring life insurance into the conversation by mentioning that you're not planning for the worst, but rather, it's a proactive opportunity to protect your new home.
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