Deadline to the Breadline?

Here’s a thought. It seems that the average person in Britain has only 19 days of savings to tide them by if the worst happens – e.g. loss of income, criticFamily Flickr swan-tal illness or death.

That’s according to the recent report from Legal & General.

There are some startling facts in there. For example the report reveals Britons typically spend more of their income on alcohol and tobacco than on protecting the income that pays for all of this with financial protection products.

And yet according to the British Gambling Prevalence Survey (BGPS) scratch cards alone were enough to tempt 24% of British adults to spend their money in this way, with 15% playing at least once a week. The “it’ll never happen to me” approach seems to be alive and well in Britain with only one in three UK adults having a life insurance policy in place.

This is disturbing when the average premium for life insurance last year, according to Legal & General, was only £189 per year. That’s around £3.50 a week.

As advisers we see the aftermath of both scenarios – those that have planned ahead and those that  haven’t. Two recent cases bring that into focus for me. In both cases the husband was in his 40’s and died one very suddenly and the other after a short illness.

For the couple that had planned the wife was able to repay the mortgage and had additional money for income so that the future financial security of the family to be taken care of.

For the couple who had some cover but who hadn’t updated their policies the wife didn’t have enough money to repay all the mortgage. She has had to go back to full-time working just to be able to keep the house they live in. Childcare is a major issue and they rely on a network of carers, friends and family to make it all work. There’s little excess money for when things go wrong and not a lot for luxuries like holidays, birthdays etc, When I met the wife recently she was so upset that they hadn’t reviewed their protection to make sure that they had enough.

Don’t find yourself thinking “….if only”. The 44 Financial Ltd Family Protection Review has been designed for people like you. Quite simply we’ll work with you to make sure that you and your family have money when you most need it.

To book your initial appointment click here to contact us.

Steve Clark



Credit – Photo (Flickr – swan-t)

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