If you had to insure one of these boxes - but ONLY ONE. Which one would you insure?
It's not a trick question.
Most people would choose the box worth £1.8million - the one with the most value, but statistics show that this is not what happens.
The £15,000 box represents your car.
Law and regulations say you have to have it insured, however many people insist on fully comprehensive insurance which is over and above what is mandatory.
The £270,000 box represents your house.
Of course, mortgage lenders insists that the building is insured, but again, many people insure the contents as well - over and above what is mandatory.
And the £1.8m box - that's you!
A 30 year old, earning on average £30,000 per annum - receiving 3% pay rise each year, would have earned more than £1.8 million before retirement.
People instinctively say that they would insure box number 3, but this isn't what they actually do.
In reality, the first two boxes are somewhat dictated by regulation and what is required to own a car or house. However, the importance of the third box and the need for insurance is grossly underestimated.
Kesh Thukaram, director of Best Insurance, thinks there is nowhere near enough awareness of protection in Britain:
Just looking at the workforce, he says: "There are approximately 27m people employed in the UK and yet the number of people holding short and long-term income protection cover is less than 2.5m - not even 10 per cent of the working population."
"Only one person out of 10 has made any provision to prevent debt escalation if their salary is lost due to an accident, sickness or unemployment."
This concept isn't a new one, but it's more relevant today than ever.
Your income and your ability to earn is the foundation upon which your home and your lifestyle is built.
Providing there is a broad firm base of protection for individuals and families, if something goes wrong, something unplanned that hits unexpectedly, you can survive financially. Income protection insurance provides a contingency plan that supports you, meaning you do NOT have to sacrifice other aspects of your life to simply exist for today.
Please give us a call to learn more about how income protection can protect you.