One in four breadwinners in the UK do not have a life insurance policy in place, perhaps leaving their families open to financial crisis if they died.
Significance of life insurance in your life
Life insurance is there to help your loved ones when they can no longer rely on your income, especially when you are the only breadwinner in your family. Yet one in four UK breadwinners do not have life insurance in place, which is relevant to almost 8.5 million people. In comparison to women, more men have life cover in place. When talking about workers in manufacturing industries are most likely to have cover, with 69 per cent having a policy. Public sector workers are unlikely to have life insurance in comparison to 61 per cent of those in the private sector. This isn’t an amazing surprise as salaries tend to be higher in the private sector and employee benefits greater. No matter, what profession you’re in, having a policy in place means there will be a pot of money left for your dependents, if you were to die. Anyone with a family who are financially dependent on them should think about life insurance. Generally, people start looking for life cover only at key stages of their life such as marriage, buying a home or having children and starting a family. The thought of leaving loved ones surrounded by financial mess should you die unexpectedly is what usually makes people to arrange this essential form of insurance cover.
Is it the cost factor which holds people away from opting a life cover?
Well, the answer is yes. The biggest myth of people for not getting a life insurance in place is the cost of cover. However, life insurance cover starts from a very reasonable cost, not more than a cup of coffee that you would not even think of, before spending which means it is possible to get protection for your loved ones without breaking your bank.
The costs of life cover varies from company to company and so you are free to compare to find the best possible rates for the cover that you need. Costs of life insurance generally rise as you get older, because as you age the risk of death is greater and the premium reflects this.
We would recommend you to talk to one of our advisers for life insurance quotes.
Any quote that your adviser provides you with will take into account your circumstances, your medical history, as well as your budget!
Call 011-3733-4610 – Monday to Thursday from 11.00 to 19.00 and on Friday between 11.00 and 16.00