Little over 30% of households have protection.  Is this a problem?

Little over 30% of households have protection. Is this a problem?

No-one wants to think about what will happen when a loved one dies. Everything changes and the last thing you should have to worry about is adding a financial strain to your family. If you have children or any form of debt, it is essential that you have protection and a Will in place in case the worst should happen.

 

When we ask is there a problem with having NO insurance to cover you or your family if the worst should happen? We are really trying to tell you YES. It’s not a question to disturb you but one to get you to act before it’s too late. Planning is critical to having a healthy relationship with money. It doesn’t mean it will happen but it is encouraging to know that you are covered if it were too. After all tomorrow is not promised!

There are a range of protection products available to give you peace of mind that your loved ones will be provided for should you die. There are many different ways to arrange life cover, obtain guidance to navigate the many options and find the right product for you. Life assurance can ensure that in the event of death your mortgage and debts will be repaid and the costs are not passed on to your family. It could also provide much needed income or lump sum to help with the cost of running a household or taking care of your children.

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It is surprising to learn that little over 30% of households have some form of life assurance in place. Not to mention the low numbers with critical illness or income protection, which seems to be very relevant with 1132 people a day reporting to have been made redundant (Sept –Nov 14). This represents just under half of the population who do have household or motor insurance.

An increasing number of people are now attracted to cheap comparison sites to find the lowest premium. They can often find that these “off-the-shelf” products do not offer the full protection their family requires after their death and ultimately could leave their family under unnecessary financial pressure and dealing with issues caused with having no will or one that is incorrectly written; again 66% of the UK have No Will in place.

There are a number of protection products available to suit anyone, all with different benefits that could ease the pressure and offer support if the worst happens.  Take the time to ensure you find the best cover for you. Look into a service that will undertake a full review to ensure that you are not only fully covered but also that you are fully covered for the best possible price! And provide your family and loved ones security that will last for generations to come.

*Please note that you should never cancel an existing policy prior to taking out a new one without fully investigating the generic and individual elements that are covered.

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