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53% of Dads Have no Life Cover

Life Insurance | Mortgage Advice in Birmingham

Research carried out by Scottish Widows revealed that 53% of Dads are not secured by Life Insurance.

A deeper look into the results

The research showed that only 16% of men with dependent children have applied for Critical Illness Cover in Birmingham. This provides financial relief when such medical conditions become prominent such as Cancer.

Additionally, 22% of Fathers admitted that the family household did not secure if the main income was to be lost. This meant that only 28% had definitely planned ahead with only 3 months’ worth of finances were saved.

When is Best to Prepare?

Getting life Insurance in Birmingham should be sorted out as early as possible when applying for a Mortgage. A Mortgage Advisor in Birmingham will suggest taking out Life Insurance alongside. Especially when you’re a First Time Buyer in Birmingham, this is the most recommended option for customers.

Events which arise in a person’s lifetime in relation to their close family. These events can contribute as a factor as to why they take out Life Insurance in Birmingham. Such as a recent death or a new addition to the family.

Death is not something most people talk about. In fact, we try not to talk about it in our day-to-day lives. It is for this reason that the process of applying for Life Insurance is often delayed.

This can also be the case with Income Protection Cover in Birmingham. Most people are under the impression that Employers will take care of finances when sickness develops. This isn’t always assured, the earlier this is set up, most likely the cheaper it will be.

The cost of taking out life cover in Birmingham?

Life Cover may be cheaper than what most people expect. Many factors contribute to this. For example, the length of time it is planned out correlates to how much a person will pay.

Most Insurers calculate the benefits of pay-outs when looking over monthly premiums. If it seems beneficial then cover should most often come out cheaper, usually from as little as £10 per month.

*Research carried out and sourced by ScottishWidows.co.uk and published on June 12th, 2018*

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