Generally speaking, it seems that when we go on holiday we are a pretty organised bunch as far as arranging holiday insurance. ABTA reported that around 74% of us get insured before we pack the flip flops, and in this article expresses concern about the risk being taken by the remaining 26%. I’d never travel without cover for myself or my family, and agree that cover should be taken by all, and I’m reassured to see that the majority act wisely.
According to an article on ThisIsMoney.Co.Uk a staggering 45% of male and 38% of female ‘breadwinners’ (who have financially dependent partners and / or children) don’t have any life insurance. This equates to 8.5 million people who may not be able to provide for loved ones after they die. One interpretation of the stats above is that 30-35% of people can see the value of insuring luggage, travel costs, & medical expenses, but not securing financial futures for their families! To understand a need for one, and not the other, appears to me to be a huge contradiction.
One possible root of the problem is that people commonly overestimate the true cost of life insurance, and assume they cannot afford it. The Financial Times reported that costs could be perceived to be 400% greater than reality. Alternatively, they may believe that life insurance is only necessary if you own a house. This theory doesn’t allow for the fact that most accommodation has a cost, irrespective of if that’s mortgage, rent, hotel bill, or even replacing tent pegs! On top of that there’s other running costs to cover of course.
We know that Life Insurance isn’t suitable for everybody but it’s worth sitting down and working out the implications of not having cover. You can always come and have a coffee with me and chat it through.
You may have an existing or past medical issue that you’ve assumed means you’ll be excluded from being able to arrange life insurance. This may or may not be true, but surely it’s best to try! It could be possible to arrange cover that excludes the pre-existing condition, but would assist in any other eventuality. It’s not all that unusual for us to simultaneously submit more than one application for a client, so that we can compare and make a recommendation when acceptance terms are issued, and it’s interesting to note the different ways in which providers use the same information.
Here at Moving Experience our job is to work with you, to understand your circumstances, personal needs and priorities. We can then recommend and arrange the most suited option.
I am always conscious that the best possible outcome for any insurance policy is that once the cover has ended, you’re able to look back, to reflect, and feel slightly aggrieved about the premium you had to pay. The good news is that something you were concerned about didn’t happen… Congratulations!! The opposite would be very bad news, that’s compounded when your partner, your children, and other loved ones discover there’s no financial help in place, and then have to wonder what price they will have to pay in the future.
Finally, I wish you a very happy bank holiday, and a fun filled (and claim free) summer.
If you have any questions about life cover, or other protection policies, please contact us via the enquiry form, or call 0117 204 7441.
Matt Colley 26/5/16