In highlighting the benefits of life insurance Winston Churchill once famously said:
“If I had my way I would write the word ‘Insure‘ upon the door of every cottage and upon the blotting book of every public man, because I am convinced for sacrifices which are inconceivably small, families and estates can be protected against catastrophes which would otherwise smash them up forever. It is our duty to arrest the ghastly waste, not merely of human happiness, but of national health and strength, which follows when, through the death of a breadwinner, the frail boat in which the family are embarked, founders, and women and children of estates are left to struggle in the dark waters of a friendless world"
The various benefits of life insurance are usually held to be:
- The security that it affords to individuals with young families or other dependents is often put forward as the key life insurance benefit. The question of whether these people could survive financially after the policyholder’s death should be of key importance here.
- Most life insurance policies will offer consumers a number of ways to make the policy suit their specific needs. Most policies will allow for: (a) The lifespan of the policy to be chosen at the outset (b) The amount of cover provided to be chosen and, if necessary, fixed
- Life insurance policies can be written in trust so on death the moneys paid can be paid out directly to beneficiaries.
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