Health risks top many people’s concerns when asked what affects their general happiness, but an alarming number still don’t take out life insurance to provide financial support for themselves and their families.
Most of us make plans. It could be upgrading to a new phone next year, booking that dream holiday or even buying an iconic car brand that you have loved since childhood. You save and make sure that you have enough money to enjoy the things that make you happy.
Getting a good work-life balance is important to everyone.
You’d think that having invested so much in things that make you and your family happy you’d want to protect them and your way of life in the future – whatever happens?
Life insurance offers security
Taking out a life insurance policy should not be seen as something negative, the kind of action a pessimistic person might do. Quite the opposite. It provides peace of mind to you and those around you. Put simply, it takes away financial worries.
A recent study, by Life Search, revealed that 29% of those surveyed are concerned about their health. That might cover a range of things. Dietary issues, serious illness, immobility or even suffering a bad accident.
Any of those could mean a loss of earnings, and being unable to pay the mortgage or support a child through college.
Despite these concerns, an incredible 57% of respondents revealed that they haven’t taken out life insurance. More baffling than that, a further 11% said that they were not sure whether they had life insurance or not. Really? For such a serous matter, that seems incredibly disorganised.
There are some serious implications. Many people will be homeowners. That means mortgages. Imagine if the main income provider died; life insurance could help the family through a traumatic and difficult time by paying off a mortgage.
Where critical illness is involved, a life insurance policy with appropriate cover could pay out a lump sum when a serious illness is diagnosed. It would be a massive help to everyone concerned.
The benefits of taking adequate protection
Life protection policies offer many benefits. They can provide an income for families that have been affected by an accident, long-term sickness or unemployment. Having access to funds means that the family is protected, not left struggling.
A sound investment is taking out an income protection and unemployment plan along with life insurance. This guards against the unexpected. If you lost your job, the bills would be paid.
If an injury meant that you couldn’t perform the same role, potentially reducing your ability to earn the same amount, income protection could provide a regular replacement monthly income for a period of time defined in the policy. It would allow you and your family time to get things sorted.
Ultimately, life insurance provides peace of mind. There are many options out there, so having an experienced team on hand to guide you through the maze of policies is always advisable.
Logic Wealth Planning will always consider your overall lifestyle. That makes sense, having financial products that suit your circumstances. For advice about life insurance products call our friendly team on 0808 1234 321.