While life insurance policies do form a major part of many individual’s financial futures, a recent study has shown that almost 69% of Brits have no life insurance in place and would have to rely on their savings if they were to lose one of their sources of income.
The study revealed that almost half the families would struggle to even pay for essentials and almost 17% would need to rely on their credit card, a figure that is gradually increasing with every passing day. Almost 50% of Brits would not be able to pay for the operation of their car and a whopping 43% would find it very difficult to even pay for household bills.
This survey was conducted to make sure people pay attention to the problems of a lot of British families and to highlight the solution to bridge this financial gap.
How can life insurance help?
Life insurance policies provide a financial safety net to people and help replace a loss in income due to death, illness or injury. It is an investment that could make your life easier during your bad days and gives you the peace of mind of knowing you are protected.
Despite the many benefits that life insurance policies have, it was surveyed that only about one-third of Brits had life insurance. This is a very worrying number especially when almost all of the families had dependents and children who were financially dependent on them. A loss in income would not only cost them their present but also their future. Moreover, if the families were unable to pay for their mortgage and rent, a worrying number of families would lose their homes in a matter of weeks or months.
Life insurance policies like term life insurance and whole-of-life insurance will payout a lump sum to your family if you die unexpectedly. The insurance will help cover your family financially until they are financially independent themselves.
Added benefits like critical illness cover and income protection are added benefits to your life insurance policy and will payout in case you are diagnosed with a critical illness or lose your income to illness or injury.
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