Do I Need Insurance?
Maybe, maybe not, but over the past 20 years, these are some of the most common questions that clients have asked along with my thoughts...hope it helps...
I Already Have Cover
First off, this is great news. You've already taken the lead and previously taken out cover. Let me review this for you. There have been significant changes within the industry over recent years, with more conditions being covered and more additional plan benefits.
With the EU Gender Directive also leading to price changes, you may even be able to save money by taking out a new similar plan.
I Have Cover Through My Employer
Cover through work can be a great benefit and we would always look to work this into our recommended solutions. The difficulty with employer cover is it can be very limited, it can have exclusions, your contract can be amended or you could leave your job. It's an important consideration when recommending a solution, but can it be guaranteed to be there when you need it most?
I Do Not Have Any Dependents
In this instance it may be that life insurance is not recommended. However this is one very small part of our protection proposition. What would happen if you were off work through sickness or injury? What would happen if you were made redundant?
Have a look at how the state would help you if either of these events occurred - trust me, it's not much!
I Have Enough Savings
A prudent saver may feel comfortable with their emergency funds. This may well be the case, but in reality, how long would this pot last if your income stopped tomorrow?
My Family Would Assist Me If Required
A family will always want to assist where required. It may be the case that they'll be able to in the short term. If your income stopped tomorrow and your family was responsible for your care, how long would they be able to support this? And is that a burden you would be happy placing on your family at an already emotional time? The right protection will give you the right financial support when it is required, and the peace of mind that you and your family will at least be able to cope financially. Many insurance providers offer additional support such as counselling and help lines in the event of a claim. This can also be invaluable at a time of need.
Try out the LV= Risk Reality Calculator to calculate your personal risk profile: https://riskreality.co.uk/gen