Death – is not a very pretty or favourite subject. But it is something we all are going to face at some point in time, and we do need to give some thought to it, the big circle of life that it is.
You need to sell insurance, especially life insurance, and yet, it is one of the best investments and things financially you can have; although it isn’t for yourself, it usually is for others, family and loved ones. In some instances, the insurance can benefit you, but more on that later.
Life insurance is there for a few reasons, and one of those reasons is to protect something; it could be there to protect an investment such as a property, it could be there to protect and provide for your family and children if you were no longer here, and it can be there to defend your final wishes and see to your funeral expenses.
You are an asset! You’re your greatest asset as you can work and earn and provide for others and yourself and as such that asset needs to be protected. And that is what insurance as a whole does, it protects things, and life insurance protects you and those around you from any losses that may occur should you die before you have other investments in place to protect them.
As we get older we gather up more stuff: we may buy a property, begin earning more as we age, invest in stocks and retirements, etc. So that by the time we are OAP’s and looking at the downside of life, we have savings, our property paid off and hopefully an estate to leave to our children or other family members.
But it takes years, many years to get to this point in time, a life insurance policy gives you that «estate» immediately. Also, by the time we reach this stature were we have assets such as property, investments, retirements, etc., we can be quite old. And also possibly uninsurable. That is why life insurance is cheaper for the young than the old. Also, as you age, you may experience a medical issue which makes you uninsurable for life insurance. Then what do you do??
Being told you cannot have something, such as life insurance, can only make you think maybe you needed it, or cause a struggle inside as to why you didn’t know of this and act on it sooner when you were younger.
That is why the time to think about, consider and buy life insurance is before you think you may need it! Once it becomes unattainable, it is too late.
There are 63 million people in the UK. Of this number around 40% have life insurance. That means that 60% of the population in the UK are uninsured! Statistics point to around 60% of the population having no form of life insurance.
These statistics also show that 93% of families feel they have inadequate financial protection. This 60 % ‘ers are putting themselves, and their families at risk, the risk that doesn’t need to be as a life insurance policy can prevent that risk from becoming very real.
Life insurance is there to provide protection and peace of mind. You can rest easy as you know your family and loved ones will be taken care of should you die prematurely. If you look at causes of death, around 17, 000 people die each year from accidents of some sort. Two hundred people die annually from drowning. In 2011, 552, 232 people died in the UK. (according to the Office for National Statistics) That’s over half a million people dying each year.
The statistics also show that younger people die from accidents or misadventure/ When we get older we tend to die from the disease, and as we grow to become elderly, death is in the form of parts wearing out. We only have a limited amount of time our hearts, livers, kidneys, etc., will continue to function.
So purchasing life insurance at a younger age is naturally cheaper, but also a smart move financially. Think of the stress you save yourself knowing a plan is in place to protect your family and your assets if anything were to happen to you.
So let’s not be one of the 60%, but join the 40% insured club.