Many people feel that they don’t need protection however, in reality they’re probably the people that need it most.
Take a moment to build a picture in your mind…
If tomorrow you were unable to work due to a serious illness, disability or accident, would you still be able to meet your mortgage repayments each month? Would you still be able to feed yourself and your family? If the answer is yes, that’s great, but for how long could you keep up those mortgage repayments and keep your family fed and warm? A year, six months, maybe less?
Too many people think, ‘it won’t happen to me’ or if it does, somehow the state will meet your financial requirement however, sadly this isn’t usually the case.
During different periods of our lives, there are times when protection is needed more than others, for example;
Young person – likely to live at home with parents and have little financial responsibility, in this case there may be lesser need for protection although that doesn’t mean there isn’t any requirement at all.
Adult, single or married with a mortgage – Usually have at least one wage coming in and each month manage to meet their repayment requirements and housing costs. They’re likely to run one or maybe two cars, have an active social life or enjoy travel. If in this situation there was a unexpected loss of income, how would that lifestyle be maintained or the necessary repayments be met?
Couple with a family – Just as above with the additional financial responsibility of a child or children. In this case, there may be one or two wages coming in. If there is only one form of income coming in and the main wage earner is suddenly unable to work due to long term sickness, accident, disability or serious illness how will that family survive in terms of keeping up their mortgage repayments as well as look after their child(ren)? If there are two sets of income and it should be reduced to one, could the financial requirements still be met? If so how long for?
Later Life – Any mortgage would most likely have been repaid and the financial outgoings reduced overall. Although there may be less financial requirements in this stage of life it’s worth noting that income is likely to have dropped and the individual may be reliant on pension income and state pension. In this case, they may be able to meet their financial requirements but very often people in later life choose to save or put aside some money to cover any future funeral expenses.
If after reading this you still don’t feel you need any form of protection why not take a look at some of the statistics at the bottom of this page.
If on the other hand you have any questions or you’d like more information on protecting your family, your lifestyle or your income simply complete the form below and we will be in touch shortly.
Statistics (provided by Bright Grey)
88% of Bright Grey’s claims that were paid, were paid out for the Top 5 Reasons for Claim
In 2014, Bright grey paid out £134 million in claims!
All these facts are provided by Bright Grey in their 2014 Report. A copy is available on request.