Is your family protected if you die? Six common misconceptions.

If you die and leave your family, you can’t stop the heartache, but you can make sure that they do not have financial worries, that they can stay in their home and your children can continue their education. Protecting your family in this way is one of the kindest things you can ever do for them.

There are various reasons why people don’t take out life cover so let’s address those:

I set all that up years ago when I bought a house

That’s good. You have cover in place to repay the mortgage but what about to replace your income as the main breadwinner?

Even if the mortgage is repaid, an income is still required to meet other daily expenses so it is highly unlikely that a plan taken out to cover a mortgage is nowhere near enough for your family’s needs should you die tomorrow.

Plans should be reviewed regularly and if you have since moved to another country you also need to check that the original policy is still valid.

I don’t need life cover, I don’t have any dependents

If you have neither dependents nor debts then you may not need life cover but you should consider Critical Illness Cover. This type of plan pays out a lump sum on diagnosis of specified medical conditions such as heart disease, stroke or cancer, so the life assured benefits personally.

If you had to stop work due to ill health and your income stopped what would you do then? Most people rely on income to pay their rent or mortgage, or other bills and these won’t go away just because you are ill.

Even if you move to a country where government benefits are payable this is at a low level and does not replace income. The right policy will make life easier and give you financial peace of mind when you need it most.

I have protection through my employer

Any life cover provided by an employer should be seen as a bonus as it is outside of your control. It will cease if you leave than company and with the average person changing jobs every five or seven years you may not have cover when you, or your family, need it.

Would you want to trust your family’s future to your employer?

My family would help me out if I needed help

Of course your family will help if they are able to, but would they be able to provide all the financial support you’d need? And for how long would they be able to help? Would there be enough money to really give your children what you want? To pay for school fees?

The right protection will give you and your family the certainty that financial support will be there when you need it.

I’ve got savings I can fall back on

This is good but how long would the money last? If income stops how long would your family be able to pay all the bills, food, transport, clothing, school fees and all the other expenses that could go on for years?

Assuming you are wisely saving for something like retirement or your children’s education, you’ll also need to think how you would replace these savings if you had to call on them to replace your income.

A suitable protection policy will allow you to safeguard your savings for other important things.

I don’t need it yet, I’ll sort it out when I’m a bit older

Who knows what is around the corner? The need to insurance is not about age but about your life and your liabilities and commitments. The good news is that the best time to buy protection is when you are young, fit and healthy, as the premiums are cheaper.

Premiums increase, not simply as we get older but as we tend to start having health issues as we age. The average age of a claimant on a Critical Illness policy is just 44 years.

Few people have enough life cover in place for their needs, and more importantly, those of their family. Simple life cover is cheaper than you might think and I can help you arrange plans that are suitable for your needs, at a price to suit your budget.

Money does not replace a beloved husband or wife, or a parent, but the situation is even worse if those left behind are worrying about money and how they will manage to pay the bills.

Don’t leave your family’s future to chance. Take the first step to protecting your family today by emailing me at [email protected] to arrange a meeting to discuss your needs.