Financial Advisers often talk about serious things, but the topic of this post is stepping it up a notch and covers one of the most important financial decisions we may ever make:
Protecting our own lives, for the benefit of the people we leave behind.
We’ve all been made brutally aware of how fragile life can be in 2020, seeing news of UK deaths in the hundreds and thousands over recent months and weeks. Requests for new wills spiked, as people got their affairs in order ‘just in case’.
‘Just in case’ has always been there, but this year, we see it, feel it, and we’re planning for it.
So, what about life cover?
Covid may have actually had one or two positive outcomes: Not only has it has helped to highlight the importance of getting our affairs in order, but it has almost certainly helped us to think the unthinkable. And when it comes to life cover, there shouldn’t be any cause to expect a Covid-related death to be excluded:
According to Association of British Insurers (ABI), British life insurers paid £90 million in claims related to deaths from the COVID-19 pandemic in the three months to the end of May: Every life insurance claim has been accepted.
It’s up there on Tomorrow’s To-Do List, perhaps with switching energy suppliers, or opening a better savings account; important, but not urgent. Unfortunately, none of us knows what the deadline is for getting it done. So I urge you to get this sorted today. If you need help, please get in touch.
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Disclaimer: The above content does not constitute financial advice. Your circumstances may differ from those outlined and you should seek advice which is relevant to your own situation.