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Could you cope with a loss of income?

Sep 25, 2018

Insurance. Many people are used to and comfortable with covering their car and home or even their mobile. But fewer think about themselves and dare we say it their income. However, it is so important that financial considerations are taken into account – if the worst were to happen then finances are the last thing you or your family would want to be preoccupied with.

A recent study by Zurich UK* found that many people don’t feel prepared though with 34% of the respondents, or the equivalent to 17.6 million UK adults, stating that they would struggle to recover from a financial shock or loss of income. This could include an unexpected period of time of having a reduced or no household income because of a serious or critical illness.

The study also revealed that as many as 24% of UK adults have no savings to fall back on. Potentially explaining the perceived inability to deal with a sudden alteration in their financial situation.

If this sounds familiar it’s reassuring to know that there are ways you can prepare, including a number of different insurance products such as Life and Critical Illness insurance.

Life Insurance – many people start to think about life insurance when they take out a mortgage. Life Insurance can provide a lump sum to help your family if the worst should happen

Critical illness cover – this cover provides protection against the financial implications if you are unable to work for a period of time or have to stop working completely due to a serious illness

Many of us don’t believe it will happen to us. No one can predict the future though, so it isn’t a bad idea to stand back every so often and evaluate or re-evaluate your situation. This can help you make decisions that minimise risk and put you and your family in the best possible financial position. Chat to Anthony Jones about Life and Critical Illness cover today to see how we can help.

*Read the full study from Zurich UK here

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