Recent research by Scottish Widows revealed that 53% of Fathers are not secured by Life Insurance.
The research showed that only 16% of men with dependent children have made sure to protect themselves by applying for Critical Illness Cover. This provides financial relief when such medical conditions become prominent such as Cancer.
Additionally, 22% of Fathers admitted that the family household were not secure if main income was to be lost. This meant that only 28% had definitely planned ahead with only 3 months’ worth of finances were saved.
Life Insurance should be sorted out as early as possible. When applying for a Mortgage, Mortgage Advisors suggest taking out Life Insurance alongside buying your first home, 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, 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. Most people are under the impression that Employers will take care of finances when sickness develops, but this isn’t always assured. The earlier this is set up, most likely the cheaper it will be.
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 for 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.