By Vicky Anscombe on 09 December 2014

OK, OK - you're a bit confused by the title. Fair enough.

We're being serious, though. A life insurance policy is a valuable asset, and although it's not necessarily as fun as an Xbox, it's a gift that'll take care of your favourite people if the worst should happen. If you're thinking about treating yourself this Christmas and you don't have a life insurance policy, here's why you should splash out:

1) It's one of the nicest things you'll ever do. To be blunt, this policy isn't about you - it's for the benefit of the people that you care about. Nobody likes thinking moribund thoughts at Christmas, and we won't go on, but this will take care of everyone you love if something should happen to you.

2) The policy will help settle debts. In the aftermath of a death, family members often struggle to come to terms with their loss while taking care of day to day matters. Funds from a life insurance policy can settle debts that might be hard to pay off, as family members can use newly-released funds to cover credit cards, car loans and mortgage payments.

3) You'll have one less thing to worry about. Knowing that your family will be covered financially if something goes wrong can provide you with a sense of reassurance, and you'll be able to enjoy life without wondering about all the what-ifs.

4) It sends a positive message out - and it's an excellent financial strategy. We make financial plans for while we're alive - why not for afterwards? People shy away from taking out life insurance and making wills as they're scared of 'tempting fate', but in reality, all you're doing is putting sensible plans into place.

5) You can make sure your funeral expenses are covered. OK, now we're getting really morbid, and we're sorry, but funerals are expensive. That's another expense that'll need to be covered, and having a life insurance policy will mean that the cost will be absorbed. Basically, it's one less thing for your family to stress about when you're going through a difficult time.

6) You'll make a difference even after you're gone. Life insurance policies are mainly for the benefit of your loved ones, but if you'd like to leave some money to a charity or foundation that means a lot to you, you can leave a legacy of generosity.

Not convinced, and still hankering after that Xbox? Here are some more reasons why you need life insurance

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