Life is like a box of chocolates…

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Sometimes it is the more quirky statistics that make people sit up and take notice. We recently carried out research that revealed people were reluctant to take out protection insurance, due to cost. No surprises there.

However, they are quite happy to spend £17 on their pets, £28 on digital television and munch their way through £7 of chocolate every month. We are not saying that people should stop treating themselves but it is worrying that chocolate appears to be taking priority over protection!

Whether people have lost sight of their real priorities or are oblivious to the fact that protection insurance even exists, many people just don’t realise how much a serious illness could impact on their finances. All this points to the need for providers and advisers to work together, to promote the value and the benefit of protection, so that it is seen as an essential purchase along with the mortgage and household bills.

The assumption that cover is expensive will always deter some people from taking it out, but clients could find their quality of life compromised by illness or the death of a family member by not having a contingency plan in place. To encourage people to take action let clients know that it doesn’t have to be expensive and with premiums costing as little as £5 a month there are affordable options.

Just by cutting back a little on their monthly spend families could have peace of mind that should the worst happen, they will be covered financially.