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Putting off life insurance could cost you more

 

It’s safe to say that during the Christmas holidays, purchasing life insurance isn’t a number one priority. For most people, the last few months of the year are spent buying presents, organising events and visiting family and friends. During this time, we’re all so busy trying to get everything done and tick off our to-do list ready for a fresh start in the New Year. It’s not just during the holidays too, people continually are putting off life insurance, but it could end up costing you a lot more!

At Business Cover Expert, we find that a lot of our customers put off getting their life insurance at this time of year. Other priorities come into action and life insurance is left on the shelf. However, the Christmas Holidays and New Year is one of the most important times to get protected. With rising death rates, inflation and adding on a few mince pie pounds, waiting to get your life insurance in the New Year can cost you dearly. Here’s why you should stop putting off life insurance, especially at this time of year;

Christmas is a killer

As sad as it is to say, research has found that more people die over the Christmas holidays and New Year. Heart-related deaths have been found to increase during the period 25th December to 7th January. Researchers found that cold-related respiratory and cardiac problems along with fewer hospital staff to handle the spike are partially to blame. In addition to this, patients tend to delay medical care during this time in order to spend time with their family. This can happen, even if something serious is going on. With GP closures and lack of senior doctors around, it can be hard to get the right level of care even when it is sought out at the right time.

You are more at risk

With more indulgence in fattier foods and alcohol, there is a rise in cases of diabetes and heart disease during this time. With the colder months, your immune system works tenfold to protect against bugs and colds. Because of this, genetic conditions can worsen. Therefore, getting life insurance now could help not just save you money, but also protect your family and business in the case of the worst possible scenario. Putting off life insurance now can be a greater risk during a time when you want to relax and spend time with your loved ones.

Rising costs of living

With the rising costs of living and no changes to income rates, it’s more important than ever to make sure that those around you are protected. In the event of your death, a loss of income can impact a family more severely than ever before. Purchasing life insurance can help to provide financial support for your loved ones when they need it the most. This can include covering mortgages, debts, childcare and education.  In addition to this, if you’re looking for business life insurance, it can help to pay off business debts, keeping your employees and partners in a job when they need it the most. With Brexit looming and uncertainty ahead, getting a fixed rate or index-based life insurance policy now can be a very smart move.

The Celebration Splurge

The Christmas holidays can be a difficult time of year as it is. With increasing prices comes more debt, especially during a time of lots of spending. Christmas consumerism and splurging on presents, parties and prosecco can still be felt even after the hangover. Even if you manage to budget yourself throughout the Christmas period, a lot of people are still trying to get back in the black in January through to March. It can be the worst time of year to be left without financial support. That’s why it’s more important than ever to make sure that the people you care about are protected.

Who ate all the mince pies?

If none of the above is enough to motivate you stop putting off life insurance before Christmas, then your waistline might. We all know that Christmas is a time of indulging merrily on seasonal food and drink, and we all enjoy it thoroughly. But it is anticipated that people put on average around 6 pounds over the holiday period. With life insurance, your premiums are based on your overall health and lifestyle, including your current BMI. If you’re likely to gain weight over Christmas, it could actually impact the price of your policy. Whilst estimates of weight gain vary over the Christmas holidays, overweight people tend to be more at risk as well as those that were formerly overweight. Additional stress, social pressure and lack of a normal routine also contribute to putting on a few holiday pounds. Instead of worrying about how it might affect the price of your premiums, you can take a little weight off your shoulders (see what we did there) and get your life insurance now. That way, in the New year, you can focus on getting back to your normal routines without any added pressures.

Christmas is about your loved ones

If anything, Christmas is a time to spend with your loved ones and enjoy the festivities. After all, life insurance isn’t really about you but protecting your family and business partners after you are no longer around. Your loved ones depend on you and putting off life insurance doesn’t help anyone. Whilst it can be difficult to think about, an unexpected death in the family can put a serious financial strain on the family. Around Christmas, the impact can be drastic. The main and only reason for getting life insurance should be to protect those around you.

Putting off getting life insurance at a time when the likelihood of using it increases doesn’t make good financial sense. With a life insurance policy, you can guarantee the protection of those you care about. If nothing else, you can feel good by ticking another thing off your list before the New Year begins.

For more advice on life insurance for you or your business, please get in touch today or get a free quote.