Many commentators in the insurance industry talk about the 'insurance gap' and the number of people in the UK who do not currently have any form of insurance.
Reinsurer Swiss Re has estimated the so-called protection gap in the UK to be at more than £2.5trn in size. Further data from the Association of British Insurers has revealed that, in 2015, 25% of all breadwinners had no life insurance policy in place. This equates to nearly 8.5m people in the UK.
However, the cause of this problem is unclear. Is this due to a lack of awareness? Mistrust? A distorted view of the potential support available from the State? Or is this solely due to a lack of appreciation of the risks that we face every day? Risks to our health, our livelihood, our homes, our income, and our lifestyles.
The reality is that each of the above will be affected by injury or ill-health.
LV= have developed a risk reality calculator. This powerful tool, uses your details to determine the following risks:
For a male and female couple, both aged 35, the risk of being unable to work for 2 months or more is 62%!
The risk of suffering a serious illness is 27%
The risk of death is 13%
The likelihood of any of the above happening is 76%
This means that, in real terms, for every 4 couples like them, 3 will suffer one of the following:
before one of them reaches retirement age, according to population and industry statistics.
(As per https://www.lv.com/adviser/risk-reality-calculator/calculator used on 22 July 2016, for a couple age 35, non-smokers, selected retirement age 65.)
It is only when we consider these numbers and try to put these into context, that over three quarters of couples in this situation will be affected in some way, do we really begin to appreciate the need for protection.
It's never easy to think about what would happen if something happened to you (and/or your partner), but our aim is to get you to really consider how your family would cope without the income you currently depend on. Or how you would cope financially if you/your partner fell seriously ill, or died. We want to make sure that you will have no financial worries that could add to the stress and emotional upheaval of serious illness/injury or death.
Call us today to find out more about your own risk reality!