How far away from the breadline are you?
Although it’s not the cheeriest of thoughts - have you ever wondered how far away from the breadline you could be?
With the cost of living crisis seemingly never ending, making sure you have the right protection has never felt so important, so sorting your life insurance should be at the top of your to-do list (if it’s not already).
Numbers, numbers, numbers
Let’s kick off with some digits. If you suddenly had to go without your regular income because of illness or injury, how long do you think you could sustain your current lifestyle?
According to a recent report from Legal and General*, for the average working man, the reality is a mere 28 days. For working women, it's just 14 days.
But here's the real eye-opener: for an entire household, this shrinks even further to just 19 days. That's a mere three weekends between you and potential financial strain, if you were unable to work out of the blue.
Do you cut back on luxuries?
The report also states that 78% of women view the cost of living crisis as a constant source of worry, compared to 68% of men.
Women were much more likely to be cutting back on luxuries (86% vs 76% of men) and reducing essential spending, where possible (72% vs 65% of men) (Legal and General).
However, statistics aside, if you suddenly couldn’t work due to illness or injury, you’d be faced with no choice but to cut back on the luxuries. Things like Netflix, Spotify, takeaways at the weekend - the list goes on, would more than likely have to be cut.
Life insurance: Not just financial protection
Life insurance isn't just about financially protecting you. It can be your partner in wellbeing too. Beyond safeguarding your loved ones, a life insurance policy can also support you in other areas of your life.**
When you take out a life insurance policy with one of the UK’s leading life insurance providers, you can access free extra benefits with your life insurance policy, such as:
- Access to online 24/7 GP appointments
- Second medical opinions
- Free mental health support
- Tailored fitness and nutrition plans
- Personal nurses
From tightropes to safety nets
Having no protection in place can be like walking on a tightrope without a safety net below. But this is where income protection comes in.
This policy acts as a financial safety net, if you couldn’t work due to illness or injury. It could soften the blow for both yourself and your family, if illness suddenly struck.
Income protection insurance can help pay the bills, contribute towards monthly rent or mortgage payments - you name it. Your policy can cover up to 60% of your income, giving you one less thing to worry about if life suddenly changed.
What's your debt?
Do you have debt?
If you suddenly couldn’t work due to illness or injury, or worse, the unthinkable happened and you suddenly passed away. Ask yourself: would you be leaving your loved ones with a huge debt?
When you come to us for help, we’ll take any outstanding debts you have into consideration, ensuring that your policy covers any debts that could become a burden to your loved ones if the worst suddenly happened to you.
The importance of life insurance
Life insurance isn't about fearing the unknown, but about gearing up for it. Depending on which type of cover you choose, your policy could cover you for all sorts.
- Income protection can safeguard you by protecting your income if you suddenly become injured or too ill to work.
- Critical illness cover can pay out a lump sum if you were diagnosed with a defined critical illness.
- Life insurance can pay out a lump sum if the unthinkable happened and you suddenly were to pass away.
Ask yourself the important questions
1. If there was a magic button that granted financial peace of mind, would you press it? (Because, hint hint, life insurance is sort of like that button!)
2. Would you feel comforted knowing that 60% of your income is covered, if you suddenly became ill or got injured?
3. If you were unable to work due to a prolonged illness or injury, how would you manage your monthly bills?
If the above questions have got you thinking, then help is just a phone call away. Our protection specialists are waiting to help you.
We can look at your affordability, circumstances, and lifestyle, to recommend a life insurance policy that’s right for you and your loved ones.
*Deadline to Breadline, Legal and General 2022
**Free benefits are not contractual and may be withdrawn or changed at any time
