53% Of Dads Have No Life Cover
Research carried out by Scottish Widows, has highlighted that 53% of Fathers do not have Life Insurance. Life insurance cover is important as this provides financial cover for your family should the worst happen in the future
Life Insurance, Critical Illness Cover
If we look further look into this, research shows that only sixteen percent of Dads have made sure to cover their relatives financially by applying for other additional types of cover including Critical Illness. This offers financial relief when such medical conditions occur such as cancer, heart attack, strokes etc.
Additionally, the survey reveals that 22% of fathers admitted that they had not put away finances to cover household expenses if they were unable to work due to an accident for example. Just 28% stated they were certain 3 months’ worth of payments were able to be covered by savings.
When is best to prepare?
Life insurance is sometimes left until later on in life. When applying for a Mortgage, Advisors, (such as our Mortgage Advisors in Derby) normally recommend Life Insurance as a side option, this is seen to be the most popular choice within customers.
There are also life events which may lead a person to consider taking out Life Insurance. These may include a recent death within the family, or birth of a close relative.
Death isn’t a popular topic for discussion. Moreover, it’s something we all try to not to think about and it is this reason that means that applying for Life Insurance is often delayed but with our Mortgage Advice in Derby, we will try to make it as effortless as possible.
Income Protection Cover
This is also found when it comes to Income Protection Cover. Most people think that Employers will take care of finances if sickness was to ensue, but this isn’t always assured. If this is set up early, then it also happens to be cheaper.
Life Cover may be cheaper than expected and we as a Mortgage Brokers in Derby will aim to find the right insurance for you. The period of time for which the Life Insurance is needed will also be a factor on how much a person will pay for example, until your mortgage is repaid.
Insurers will also calculate the benefits of pay-outs when looking over monthly premiums, if it happens to seem most beneficial, then the cover should be cheaper – usually from as little as £10 per month.
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