An easy way to work it out is to multiply your annual salary by the number of years you expect to work. The figure is quite alarming.
Now consider others in your family. Latest reports tell us that mums are worth nearly £33,000 a year, spending an average of 74 hours a week on household chores and childcare.
And they are not the only surprising statistics. In addition to paying for the mortgage and the monthly bills, it costs a staggering £250,000 to bring up a child from the day they are born to the age of 18.
While people think nothing of insuring their cars, their homes and even their pets, when it comes to insuring themselves and their family it’s a different matter. With two-thirds of Britons having no life insurance, isn’t it about time we reflected on our overall worth?
The question this raises is how people would survive should the worst happen. What if the main breadwinner were unable to work – or the person who looked after the children and did the household chores was no longer able to do these tasks due to illness?
Getting clients to think about these eventualities isn’t easy but discussing the options of taking out life or critical illness cover to secure their families’ futures will at least offer some reassurance.
With careful planning it’s possible to safeguard the family no matter what the future holds.