Many of us find it hard if not impossible to save large amounts of money, regularly, for a potential rainy-day that may or may not happen. And very few of us like dwelling on the negatives in life. It’s nobody’s idea of fun, thinking about accidents, injuries, unexpected hardship or work problems that could have a drastic effect on your income.
So what’s the alternative? How can you reduce the financial impact of life’s big ‘what ifs?’, unless you put thousands of pounds into a savings account – or under the mattress?
Life can be hard enough as it is, without the additional worry of how you’ll pay for things if something happens to you or your family. Here are some situations people could find themselves in;
- You can’t work due to long-term ill health.
- You are in a no-fault car accident, and find you can’t work again.
- Your life partner is diagnosed with cancer or another long-term illness, and the NHS can’t provide the best treatment you’d both prefer.
- Or one of your children is gravely ill and needs constant 24/7 care … modifications to your house … specialist medical treatment … and your other child still needs care too; the bills have to be paid; your employer can’t give you time off work; you lose your job…
This is where the right insurance policies step in. By paying monthly into insurance policies such as, critical illness cover, life insurance, income protection or family income benefit, what you’re doing is covering the risk of having to handle a ‘what if?’ situation on your own without the finances to cope. Better still, you’re making plans that mean your family doesn’t have to worry as much, if a ‘what if?’ happens to you.
Most of us have had a grumble about the cost of insurance over the years but anyone who’s benefited from a life-changing pay-out on an insurance policy knows its value. When you’re buying a home, you’ll be thinking about buildings-and-contents insurance automatically – your lender will demand proof of buildings’ insurance before releasing any funds. It’s also good to take the same ‘common sense’ approach to other parts of life, too.
Many of us, for example, are happy to pay for pet insurance premiums without giving them a second thought. We know a vet’s bill is likely to be on the large side, so a few pounds a month for a pet insurance policy make complete sense.
If you’ve ever thought (or tried not to think!) about life’s ‘what ifs’ and wondered what it would cost to have a good insurance policy, just in case, then you’re welcome to come and talk things through with us. We can explain what each type of insurance is for, how it works, and how much the premiums are likely to be for you in your situation (everyone is different). Particularly if you’re thinking about buying a property or re-mortgaging for any reason, it might be an ideal time to review what’s covered in your life – and what’s not.