We know that there are many people out there who are happy to take their chances when it comes to buying personal insurance cover.
Of those people, there will be some who, having not taken out personal insurance cover, will have lived to a ripe old age without illness – and who would have felt a sense of achievement at having not spent the money on personal insurance over their lifetime.
And that really is a great thing. After all, who really wants to commit to the cost of monthly personal insurance premiums. If car insurance was not legally required, then it, too, would become optional like life insurance, critical illness cover and income protection.
Sadly, however, there is no way of truly knowing what lies ahead (who could have predicted a global pandemic in 2020, for instance!). And, as a result, the difference between taking out personal insurance and not taking out personal insurance comes down to gambling.
Take these two recent examples, both of which relate to two of our existing clients.
Both are true.
1. Life insurance
Client A took out a joint life insurance policy several years ago. Only 18 months ago they increased their mortgage liabilities – but declined to increase the level of insurance cover due to competing priorities. Sadly, at the beginning of the year, her partner suffered a stroke, is awaiting heart surgery and cannot work. They’ve also recently had their first baby. The client very recently contacted us to arrange more comprehensive life cover for their partner – but it’s too late.
Had he taken out the cover before the event it would have been a different story.
2. Critical illness cover
Only recently, Client B, a fit and healthy person in his early twenties, was diagnosed with testicular cancer. As a client of ours, he received £135,000 from a critical illness policy we arranged a few years ago. Without that policy, he would not have been able to claim for anything.
Both examples demonstrate how people can be affected – both positively and negatively – by personal insurance decisions. As a Guildford insurance broker, we see both sides on a regular basis.
Personal insurance carries a cost for a service we hope you never have to use. But if you do have to make a claim – and are able to make a claim – then at least financial worries will be something you can put to the back of your mind whilst you tackle concerns relating to your health.
Complete Cover – Complete Mortgages’ insurance division – understands the challenges around insurance and our team of personal insurance experts are here to help. Contact us on 01483 238280 or email info@complete-mortgages.co.uk to discuss your personal insurance requirements or to get a personal insurance quote.
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