For individuals

Life Insurance – have you got enough?

By March 3, 2014 February 12th, 2019 No Comments

Most people do not think twice about protecting their homes or cars, but how many do the same for their families?

Life insurance isn’t about leaving a legacy for your family; it’s about protecting those that are most precious to you, making sure that in unthinkable circumstances you have the security of knowing that for those who are most special to you, life goes on as smoothly as possible.

So it is shocking to know that only 39% of families in the UK have life protection and of those, it is even fewer have the correct type of protection.

At Cullen, we pride ourselves on helping clients dispel any worries and enable them to take positive steps to ensure that the most precious people in their lives are protected and provided for, when they are no longer around.

Our advisers can help to match your needs with your budget and look at the following:

  • How much you want to spend;
  • Whether any current cover is sufficient and up to date;
  • Providing peace of mind.

Busting the myths…

There are many myths surrounding life cover….

If something bad happens, the State pays:

  • Yes, the State may provide a benefit if you are bereaved, of £2,000, but not everyone is eligible. You may be entitled to other state benefits but it is unlikely that these benefits will be at a level that can repay a mortgage, or retain your family’s standard of living.

The average cost of employing someone to do a parent or partner’s work is £26,000 a year. I already have life cover through work…

Employer benefits are usually linked to a multiple of your salary, and cease if you leave the company or reach retirement age. Whilst these benefits are a big help, they may not provide enough to continue paying for your family’s lifestyle in the long term.

The average cost of bringing a child up is £12,857 a year.

It’s too expensive…

The average household spends £12.80 per month on gambling; life insurance premiums start at around £5 per month, depending upon the level of cover required and your personal circumstance.

It’s too complicated

Life cover does not have to be confusing; our Consultants are trained in assessing and helping our clients match their needs to their affordability and above all, ensuring that you understand the protection, savings, investment and retirement provisions that you have in place.

If you would like to discuss how we can help you understand your protection needs, please do not hesitate to contact one of our consultants.