Insurance
Why isn’t life insurance compulsory?
Almost everyone insures their car (they have to by law), almost everyone insures their house and contents (the mortgage lender usually insists). But when it comes to insuring the most valuable thing, YOU ? Well, let’s just cut straight to the statistics:
- One in 5 adults have a mortgage with no associated life cover (2.2 million nationally).
- Almost half of all parents with dependant children have no life cover protection.
- 1 in 4 men now aged 20 will not live to 65.
- More than 1 in 3 people in Britain will develop cancer at some time in their lives.
- Over 270,000 people in Britain suffer a heart attack each year.
- Around 100,000 people each year in England and Wales suffer their first stroke.
- A man has a one in four chance of suffering a critical illness before retirement age. For a woman it is one in five.
Let’s, again, cut straight to the chase – Life insurance is a cheap product. It’s also a “no-lose” product. Most people will never claim on it (yippee, they’re still alive), those who do claim, will provide a remarkably different life for their dependents to those without cover, what other life insurance questions do you need to ask?
Insuring against long-term illness or critical illness is more expensive but needs to be investigated too, particularly if you are the sole “breadwinner” in the family.
Not convinced ? Think the state might provide ? (don’t even go there). Keep it simple and ask your self one question, “If I (or my partner) disappeared today how long would it be before our financial situation, and our life as we know it, fell apart ?”.
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