53% Of Dads Have No Life Cover
Research carried out by Scottish Widows, has highlighted that 53% of Fathers do not have Life Insurance.
A deeper look into the results…
A further look into the research shows that only sixteen percent of Dads have made sure to cover their relatives financially by applying for other covers, including Critical Illness. This offers financial relief when such medical conditions occur such as Cancer.
Additionally, 22% of Fathers admitted that they had not put away future finances for if an accident was to arise. This meant that only 28% were certain 3 months’ worth of payments were able to be paid for.
When is best to prepare?
Life insurance is sometimes left until later on in life. When applying for a Mortgage, Mortgage Advisors 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 try to not to think about and it is this reason that means that applying for Life Insurance is often delayed.
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 definite. If this is set up early, then it also happens to be cheaper.
Life Cover may be cheaper than expected. 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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