We routinely insure wasting assets, things like our car and our television. Some of us insure high-speed wasting assets, such as mobile telephones and tablet computers which will be obsolete within a few years.
Quite sensibly, most of us also insure the inside and outside of our homes. A habit originally forced on us by lenders to protect mortgages, but one for which we’ve willingly accepted.
So what about your family’s money-making machine?
You know the one we mean? The machine which every month delivers income into your house, the machine which does housework, maintenance & diy and operates the family ‘taxi service’ to save you having to pay someone else to do it for you.
Yes, you’ve got it. You, we, us; we’re the machine. We deliver income, create capital and save quite a lot of money with all the jobs we do.
Yes, you’re probably insured for enough to cover the mortgage if you die, maybe even if you have a dreaded critical illness, but is the mortgage the only monthly bill your household will need to pay?
And, what happens if you ‘break’ and fall victim to long term illness or disability, where does the income come from then?
The answer is rarely X hundred thousand pounds of life insurance.
Such figures tend to lack substance, do not properly meet needs and a represent a significant risk to insurance companies (which results in raised premiums).
We prefer to work with you, identify what you’ve got which can be relied upon, calculate what your family may need and then negotiate with insurers to get you the best deal we can to provide you or your loved ones with a replacement income in the event of death, the diagnosis of specified critical illnesses, or upon the diagnosis of a long term illness or disability which will prevent you from earning all, or some of the income you’ve historically brought into the house. Because we take our time to quantify exactly what your family is likely to need, you and they have reassurance, and insurers are reassured their risk isn’t a huge lump sum, but instead something rather more affordable for them, all of which means you probably pay significantly less.
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