Andrew was a management consultant, living with his partner and teenage daughter in their lovely Victorian terrace on the south coast so weekends meant family-time. His favourite way to spend as much time with them as possible was walking along the beach with Joss their spaniel.
Andrew’s dad had died suddenly from a heart attack a few years earlier, and Andrew had seen how difficult it was for his mum to get by with the few savings they’d put away. They’d still got a mortgage and his mum - in her late 50s - had been forced to go back to full time work, just to keep up with the payments.
Seeing the financial and emotional strain this was having on his mum, Andrew decided to take out life insurance to protect his partner and daughter in case anything happened to him. He didn't think for a minute anything would go wrong, but with a mortgage and his daughter's university fees to pay for, he couldn't bear the thought of leaving his family in financial difficulty.
We all like to think it'll never happen to us, but tragically for Andrew, it did. Shortly after his 53rd birthday, he was diagnosed with bowel cancer and died 8 months later.
Andrew’s wife claimed the life insurance of £550,000, helping her pay off their mortgage and see their daughter safely through university.
This is an example only, describing a situation where having life insurance could provide some financial security for your family in the event of your death.