It might come as a surprise, but the fact of the matter is that more Brits insure their homes than they do their lives. While home insurance is certainly essential to have as a homeowner, one can argue that life insurance is even more critical. Just as anything can happen where you would need to make a claim for your home, there are a vast number of reasons that you would need to make a life insurance claim too.
This does not constitute advice and advice should be sought in all instances before acting on it.
It’s especially important if you have dependents, to make sure that they will be financially secure if something happens to you. Life cover can help them financially if you have a mortgage or other debts should you die unexpectedly and critical illness cover and income protection can provide monetary assistance if something were to prevent you from working as well.
Is your home more important than your life?
According to research commissioned by Brewin Dolphin, only 32% of people in the UK have life insurance while 64% have home insurance. By these statistics, it would seem that some people do prioritise their homes over their lives. Other material items are also frequently insured — holidays, technology, cars, and even our pets’ lives — so why not their own?
Narrowing down the age groups of those surveyed, 66% of people over 35 don’t have life insurance, with 84% on top of that that don’t have critical illness cover. It could be down to the reluctance people have to think about their own mortality, but like with anything having to do with finances, the earlier you start, the better. Getting covered while you’re still young and healthy will not only provide peace of mind for you and your family, but you’ll also be able to get coverage at a better price than if you secure a policy later on in life.
Protect your loved ones
In order to protect your family and other loved ones, it is important to seek out professional advice and make a plan for the future — regardless of whether or not that includes yourself. Your plan should be reviewed regularly and every time your circumstances change to ensure that the people that matter most are taken care of and that your financial goals can still be achieved.
Cover yourself against the worst-case scenario and make sure your loved ones are looked after. The experts at Dental & Medical Financial Services are here to help you today, so you don’t have to worry about tomorrow. To learn more about wealth protection and to discuss your options, get in touch with us today.