Life Assurance: Why is it so important?

Want to know more about life assurance and critical illness cover? We are hosting a free seminar in association with Aviva on 20th February at 13.00pm – Colonnade Suite, Villa Marina. If you would like to attend, please sign up here - https://tinyurl.com/3ubshbwk

I could start by quoting some scary statistics that may grab your immediate attention, but often, even when faced with clear information about how many people are under-insured or have no cover at all and how families struggle financially if the worst should happen, people still do not put cover in place.

I think we all know that life assurance and critical illness cover is important and is something that we need to think about, but on the whole, we tend to put it off or add it to the “To do list” which leaves us vulnerable and perhaps more importantly, leaves our families vulnerable.

One statistic I did see which puts this into context is the fact that people are

“3 times more likely to insure their pets, than themselves”*.?

If we think about this concept, it is perhaps easy to understand why we put importance on covering potential vet bills, they can be very expensive and when it comes to our beloved pets, there is surely nothing we would not do to make them better.?

It is a tangible concept and one that seemingly is solved through a relatively simple action.? If you have a pet, you buy insurance in case they become ill or are injured through an accident and you want to ensure the best care will be available for them whilst ensuring it does not cost you a small fortune, you are protecting them and your finances.

Why then, when it comes to insuring ourselves are we more hesitant?? What would happen to your financial position if you could not work due to illness?? How would your family cope if the income they are used to receiving suddenly stops? What would happen if you were suddenly no longer around or were ill and needed care?

When someone passes away it is of course hard for everyone, so the last thing they need is to worry about money and have their home and their lifestyle threatened.? Would they be able to continue to pay the mortgage, cover the bills? And if you became ill, would you want to focus on your recovery or worry about managing your finances? When compared to possible vet bills, your family’s future is far more important.

Life assurance and critical illness cover provides financial stability when the worst things in life happen.? It is important to get the right cover to ensue that everybody is protected and taken care of if you were to die or to become seriously ill. As premiums for life cover start from ￡5.00 per month, can you afford not to have some provision in place?

Some of our clients are lucky enough to have an amount of cover through their employers’ benefits packages – but should you rely on this? Martin Lewis amongst other financial advisers recommends that you have cover equivalent to 10 times the main breadwinner’s income**.? How much life cover do you have through work, 4 times?? Life and health cover through work is a great additional benefit, but it should not be relied upon for a family’s full protection arrangements.? Think about what 4 times death in service means. It gives you 4 years’ worth of a person’s salary, well what happens in year 5?

Want to know more about life assurance and critical illness cover? We are hosting a free seminar in association with Aviva on 20th February at 13.00pm – Colonnade Suite , Villa Marina. If you would like to attend, please sign up here - https://tinyurl.com/3ubshbwk

* Lloyds Banking Group - https://www.lloydsbankinggroup.com/media/press-releases/2021/halifax/brits-are-three-times-more-likely-to-insure-their-pets-than-themselves.html

** Martin Lewis -? https://moneypeopleonline.co.uk/life-insurance/guides/martin-lewis-life-insurance/

Chase Financial Services Limited trading as Financial Options is regulated by the Isle of Man Financial Services Authority