The Post Office published some statistics this week relating to how members of the UK population measure their wealth. According to the research the average UK adult believes they are worth £350,000. Naturally, there were regional differences with Londoners valuing themselves at £500,000.
The research goes on to mention that 75%, or 36 million adults, have no life insurance cover at all. 28% of those surveyed said that the cannot afford life insurance while over 8 million people feel that their lives are not worth insuring at all.
Sadly, as financial advisers, we do have clients who pass away and their families rely on us to provide financial advice and support for the deceased’s financial affairs. Many clients have died far too young leaving partners with children to bring up. Those who have adequate life insurance in place have a much less stressful time whilst dealing with the death as they have no need to worry about paying the mortgage or other bills.
Taking out life cover does not need to be complicated or expensive. Taking advice from an independent financial adviser will give 2 advantages:
- You can be sure that the IFA will provide comprehensive advice taking into account all of your financial and family circumstances
- The IFA will source the new life insurance policy from a wide selection of companies
It is not generally recommended that a single person with no dependants should have life cover. However, should you have a spouse, partner or children then life cover is something that needs serious consideration.
As a priority, any debts such as loans, credit cards or a mortgage should be covered with life insurance. Then a second calculation should be made to ascertain how much additional cover to have to provide long term financial protection for the family.
An IFA will discuss all of these aspects with you to ensure that the cover is just right for you and your family.
If you would like to discuss life insurance in more detail please visit our main website http://enhancedwealth.co.uk/insurance/protection.htm or call 0800 316 5756.