This policy works on the assumption that as consumers age, their financial position becomes more secure, their mortgage burden decreases and their children become more financially independent – therefore a lesser payout is needed should the worst happen.

Social good

The importance of life insurance as a financial safety net cannot be overstated. With costs continuing to rise, families are particularly exposed and this is putting many under pressure, even without a tragic event to cope with.

Losing a loved one is already a terrible experience; adding a financial burden to this can significantly increase the impact on surviving families’ wellbeing.

A lack of financial planning and cover also adds a burden on the state to provide extra support for those who find themselves in challenging circumstances.

Those in the industry have a key role to play in encouraging consumers to invest in life insurance policies and protect the financial futures of loved ones. The benefits are far-reaching, and affect entire families as well as future generations.

Studies such as Beagle Street’s ALFI can help to highlight these benefits and demonstrate just how valuable life cover can be. 

Mark Mullaney is head of partnerships and distribution at Beagle Street