Life assurance for dummies? Be assured it isn’t
The number of people in the UK without life assurance is staggering. In 2004 internet bank Egg reported that one in four homeowners with a mortgage had insufficient life cover – a total national shortfall that insurer Swiss Re said was £2.4 billion in a report published a year later.
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People come up with all kinds of arguments not to take out life assurance – and none of them make sense.
Life assurance – we’re very superstitious
Superstition is an oft-quoted reason for ignoring life assurance. Talking about things like life assurance (and wills), the argument runs, will somehow hasten your death.
The fact that many life insurance salesmen live to ripe old ages despite talking about nothing else all day long doesn’t seem to register. And of course, nobody’s ever proved that you won’t die by not talking about life assurance.
There is also the inescapable fact that life assurance salesmen automatically raise suspicion among many people. It’s an outdated stereotype that wasn’t helped by the endowment mis-selling scandal of a few years ago, but if your insurance seller or broker is registered with the Financial Services Authority – and they should be – then almost certainly unjustified.
Life assurance jokes avoid the issue
Insurance salesmen like cats, a joke goes, because they can sell them nine life assurance policies.
Humour fuels a rich vein of scepticism about life assurance. “I knew a bloke with life assurance”, another joke runs, “and he still died.”
Avoiding the issue – perhaps by making a joke of it – may be a big reason for the nation’s apathy towards life assurance. Sue Wilkinson, head of life and health proposition at Abbey and Scottish Provident, said in the Daily Telegraph that many families bury their heads in the sand when it comes to health and life cover.
"Some families would rather spend hundreds of pounds a year on Sky TV or on electronic gadgets than insure their lives. People only think about life insurance when it is too late," she said.
Is life assurance complex and expensive?
She may have ignored many people’s perception that life assurance as something complex and expensive during the applications process and when making a claim.
But no matter what the argument, death is something that comes to us all – and insuring your family against its financial effects, through a life assurance product, should be a priority for many people.
Life assurance: talk to an expert
Getting life assurance need not be a complex – or expensive – process if you talk to an expert.
Jump Money is a specialist in critical illness and life insurance cover and is happy to answer any questions you may have related to life insurance, life assurance, term assurance and life cover. The company will strive to fit an insurance package to the exact criteria you need in order to help you avoid buying products you do not need as well as helping you fully understand your purchase.
To find out more about how Jump Money can help you protect yourself and your belongings call now on 0845 8516262 or fill in an online quote form today.
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