Guest Blog by Paula Smith
Like many people you might think life’s too short to worry about what might go wrong in the future. We agree!
That’s why protection is such a good idea.
It means you and your family can relax and enjoy life today, knowing if something does go wrong tomorrow – money needn’t be an issue.
As everyone is different and has different needs there are a whole range of products available to suit a variety of situations, allowing you to pick and mix from a menu of income protection, life protection and critical illness protection.
Have you thought about what would happen if your income suddenly stopped – particularly if your health or a serious injury meant you couldn’t work. By taking out a protection policy it could help safeguard you and your family’s lifestyle and get you back on your feet.
What about if you or your spouse died?
The money from a life assurance policy could help your family to:
• Pay off the mortgage
• Repay loans or credit card debts
• Cover funeral expenses
• Invest it as a nest egg for the future
• Pay for children’s education or child care
• Manager other living expenses
Take a look at some of these statistics
• The value of a mum is £30,032
• The value of a dad is £21,306
• 27% of parents rely on regular help from their children’s grandparents.
• 64% of parents can only afford to work because of grandparents’ help
• Fewer mums have life cover than dads.
• Only 36% of parents surveyed regularly review their personal insurance levels
• Less than a quarter of parents have any critical illness cover (24%) income protection (17%) or family protection (14%)
• The average day-to-day cost of raising a child each week is £143. Over 18 years this equates to £133,848.
• Full time parents carry out the equivalent of £20,997 of unpaid work around the home in addition to earning their salaries.
• Over half of parents think the government should financially support families where a parent has died or become critically ill, yet 57% of parents don’t know what state benefits they are entitled to if this happened.
Ask yourselves the following questions:
1. Mums carry out £249 of childcare per week and Dads £172. Could either parent afford to give up work or pay for childcare if their partner was no longer around?
2. Parents spend on average, 7 hours a week to themselves and 3 hours of quality time a week with their partner. Should the worst happen, would quality time disappear in favour of having to work?
3. 11% of parents said that if their partner were to die, they would give up work to look after the family. If you didn’t have personal protection in place would you be able to survive on state benefits alone?
4. Research shows the average day-to-day cost of raising a child each week is £143. If you have no cover in place, could you afford this should the worst happen?
5. If you regularly have help from grandparents, would you be able to manage financially if the grandparents could no longer help with childcare.
6. Why do we think it is more important to insure our pets and household appliances rather than our own lives?
I hope this has made you more aware of how important it is to protect you and your family. Protection policies are very good value for money and can help ease the financial burden if you or your loved ones died or suffered a critical illness.
Why not give me a ring to have a chat about your protection needs?
Tel No: 01372 844344