The good news is that after a two month break the blog is back. In other news, it is a heavy subject and will ask a tough question. But I ask you to please read on, these two minutes could make a huge difference to you and your family.
Are men selfish? This article has figures that show over 50% of fathers have NO life insurance and based on further data poses the question ‘Are men selfish’?
Personally, I have a different take on it. Firstly, I don’t believe it is a man only problem, the data on women who are insured is not much better, there is a huge gap across both sexes being insured adequately to protect their family.
Secondly and more importantly I think the reasons for people not having life insurance is far more complicated and layered than ‘selfishness’.
I believe there are three factors that stop people from sorting out their family’s life insurance. These factors are Cost, Knowledge and Invincibility. However, I believe I can address these briefly and encourage more people to look at protecting their family.
Frankly this is the most ridiculous reason of all, people seem to think ‘it won’t happen to them’. I can guarantee you all one thing, we are all going to die.
Cancer Research UK tells us – ‘every two minutes someone in the UK is diagnosed with cancer’*
British Heart Foundation warns – ‘TODAY 545 people will go to hospital with a heart attack and 180 will die’**
Stroke.org states – ‘In the UK there are 100,000 strokes per year, which is around one every five minutes’***
Those stats above are just that, they are stats. But personally, in the last two months among my friends, family and people I work with I have heard of two deaths, two people contracting bowel cancer, one prostate cancer, a mild stroke, a serious stroke, a heart attack and someone being put into a coma. The scariest thing is that all the people I’ve just written about are aged between 30 and 45 years old.
If the reason you do not have insurance is you think it won’t happen to you please look at it again. We are all human, there is nothing weak about understanding risk and admitting that we do not have full control over our health.
I think it is hard to say exactly how much knowledge plays a part in ‘sorting out’ life insurance, it depends on the individual(s) and what they want to do. However, I will tell you that in less than 5% of the client meetings I have had do the client(s) know at the outset what they want and more importantly what is the best solution for their situation.
Largely they are in front of me as they recognise they need to protect their family. They are aware that should they get seriously ill or die that they will lose their house, their way of life and all the plans they have made will be ruined. The term Life Insurance has become a catch all phrase, it is one I am trying to move away from, with the huge range of options in the market with clients I am trying to use the phrase “Protection Portfolio”.
Protection Portfolio more accurately represents what a client is provided with, a mixture of insurances for different amounts covering different areas. By doing that it means the cost is kept as low as possible while providing the cover they need.
Lastly on knowledge I am still unsure why people do not always seek out the advice of a professional, after all we wouldn’t do our own MOT, repair the boiler, put up an extension or teach our kids Spanish. Nearly all advisers including myself do a full review and will recommend a Protection Portfolio for free, there are no charges for it and will give you the knowledge to decide what to do next.
Let us be honest, no one in the world really wants to pay for insurance, it has to be right at the bottom of the list for things we want to spend our hard-earned money on. Coupled with lack of knowledge I think not knowing what the cost might be is a real barrier to people looking for insurance.
As I work with clients I find people respond differently to questions and the emotional side of creating a budget. For me I have found getting away from cost and focusing on value is the important thing. Value in terms of a protection portfolio is a way for a client to quantify ‘What does it mean to me to protect me and my family and how much will I spend’.
To do this I ask the question …“How much are you willing to commit monthly to ensure in the event of death or critical illness you keep your family home and way of life”… Everyone will have their own answer and there is not one that is right or wrong. It is important to understand that as we move through life this figure changes. Liz and I used to spend £35 p/m but as our lives have recently changed we have increased it to just over £50.
In the last four weeks I have helped people with a budget of £21 p/m up to £125 p/m. Why not ask yourself the question, ‘how much are you willing to commit to protect you and your family?’
I hope you have found the above useful, none of us are invincible and I can share with everyone the knowledge that having peace of mind is true value and the cost of doing nothing can be devastating.
If you have any questions regarding the above, would like to discuss anything that you wish following reading this or would like to understand your situation please feel free to give me a call or drop me an email.
0117 979 0118 – 07702 577 452
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