53% Of Dads Have No Life Cover
Life Insurance – Research carried out by Scottish Widows, has highlighted that 53% of Fathers do not have cover.
Life Insurance & Critical Illness Cover
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 means that only 28% of those surveyed 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.
Income Protection Cover
As with Life Insurance cover the same is found when it comes to Income Protection Cover. It’s something many put off or don’t consider. Most people believe that Employers will take care of finances should you fall sick. However, this isn’t always certain. If you take the step earlier in life, then it also happens to be cheaper.
Life Cover may be cheaper than many may expect. The period of time for which the Life Insurance is required will be a factor on how much an individual will pay, for example you may choose the cover for as long as your mortgage term.
Insurers calculate the risk of a payout when calculating your monthly premiums. If they think the chances of a payout are low then cover will be cheap. Age and length of cover will affect your premiums but can usually be as little as £10 per month.
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