Just under half of people do not have life cover. According to stats, only 57% of people have life cover, and 70% of those are underinsured. So, what is all the fuss about?
No insurance – Matthew is 35, married to Jane and they have two small children. They have an old second-hand car they drive. He has just taken out a mortgage on a small apartment. The mortgage payments are high, and Matthew hasn’t taken out any life cover yet as he is budgeted up to the hilt. He knows that he should, to protect his family, but keeps putting it off. Matthew unexpectedly dies from a heart attack. Jane cannot afford to pay the mortgage as she is a shop assistant. She has to give up the house and move back in with her aging parents. She needs to find a full-time job to support the family. Her children will have to attend public school and work straight out of school as there is no money for further studies.
Underinsured - Mark is 47. He is married to Susan who is a housewife, has three teenage kids, a mortgage and a new car. Mark took out life cover when he was single but never revised it after he had a family. Mark is involved in a car accident and unfortunately passes away. His life cover was just enough to pay off the mortgage leaving his family some security. Susan had to go back to work to pay the monthly bills. Her three teenage children have to take out crippling student loans if they want to study further.
Fully insured – John aged 53 is married to Elizabeth and have two children in high school. John has a mortgage and recently revised his life cover. John unexpectedly dies from a stroke. The insurance pay-out is enough to cover the mortgage, pay for their children’s education and keep the monthly bills paid until Elizabeth retires on her own pension.
Which scenario do you want to leave your family in?
Life cover is essential to ensure that your family and loved ones are taken care of in the unfortunate event of your demise, whether during your working life or during retirement.
For many, life cover is a thing that seems very far away or a waste as you never see the results, but not having it will be far more detrimental to the ones you leave behind. Chat to your adviser to find the life cover that best suits your current circumstances and protects your assets. [email protected]
Please note, the above is for education purposes only and does not constitute advice. You should always contact your deVere adviser for a personal consultation.
* No liability can be accepted for any actions taken or refrained from being taken, as a result of reading the above.
deVere Switzerland’s Public Relations Department deals with all areas of the media and external communications including international, national, regional, local, trade, consumer, print, broadcast, social and online. The Department aims to provide a helpful service to journalists, broadcasters and editors, amongst others, and reply to all media enquiries, including urgent enquiries out of hours, within agreed deadlines. Our press office does not have access to client details and will not be able to assist with individual client enquiries. Please contact deVere Switzerland’s Head of Public Relations on [email protected] or call +44 2071220925