Serous concerns over the lack of financial protection and planning in the UK
As a financial professional it always amazes me how so many of the people I meet prioritise insuring their pets, or even their phone, over and above themselves or their business - when the reality is, without their health and therefore their capacity to generate an income, all other insurances are irrelevant, as there will be no income to pay them.
Just take a moment to think about it - take your income out of your family budget, and see what you would need, or have to sacrifice......and if you think that the State will subsidize your income adequately, they will only do so to c.£90 per week, and not indefinitely either - with the Welfare reforms well underway , the likelihood of the State paying out benefit is more under scrutiny than ever before.
As a business owner, in particular if there is more than one owner , have you considered what is to happen to your business, or share of it, in the event of your death?
- Does your other half even want to continue your business ( or share of it) after you have gone?
- Wouldn't it be easier for it to be pre-determined both legally and financially what is to happen?
Here are some figures that hopefully will illustrate my points, and if after reading it you would like to find out about what you can do about it, please drop me a line.
- 93% of families do not feel they have adequate financial protection.
- On average a staggering 61% of families confessed they don't have even basic life insurance, with 87% saying they are without critical illness cover, and 89% without income protection.
- The family unit most likely not to have protection insurance are single parent families.
- Unsurprisingly, they are also the most likely family unit to feel financially vulnerable as a result of being under/unprotected.
To read more about the findings, read the full article at my Mortgage Blog - http://merrivale47-mortgagemonkey.blogspot.com/
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