The subject of income protection is something that most people don’t like to talk about. Nobody ever wants to think that disaster may strike, prevent them from earning and bring subsequent hardship to themselves and their families. And yet, around 90% of the UK population are happy to roll the dice on this very topic!
What’s strange about this reluctance is that for the most part, the UK is no stranger to insurance. We insure our cars by law. Our homes are protected as required by mortgage conditions, along with everything in it.
We insure our Sky boxes, our mobile phones, our jewellery, bikes and of course, our pets. We take out travel insurance, extended warranties on appliances and, well, you get the picture!
This tells us that we recognise the inherent risk of loss or an accident, and other than our pets, we’re usually talking about belongings and inanimate objects.
Let’s talk about pets for a moment then. It’s not uncommon for people to pay in excess of £30 per month to insure a dog. After all, we love our faithful friends and fear eye-watering vet bills in equal measure!
However, the truth is that a dog isn’t much of a contributor. In fact, one might say they’re mostly lovable freeloaders. Other than tail wagging enthusiasm and unquestioning loyalty, they essentially cost us money. We house them, walk them, we buy them beds, treats, various paraphernalia and also shell out for vaccinations and kennel fees.
Oh, and food. I know someone who spends £70 per month insuring his dogs and takes delivery of 90KG of raw dog food at a time. Not an inexpensive business I think you’ll agree!
So, in the cold light of day, what tangible return do we get for our hard-earned cash? It’s dog poo, and if you own multiple dogs, lots of it!
Food for thought, wouldn’t you say?
Let me ask you this: If you had a machine in your shed that gave you £2000 (or let’s go with your net salary) per month, every month of the year without fail, would you insure it?
I’m going to guess that you would. After all, you’ve insured your Sky box, right?
Of course you would! I mean the last thing we’d want is for some part to fail and for the money to not appear.
As ridiculous as this may sound, this scenario (or should I say gamble), is being played out in more households than not. Which when you think about it, is a little insane.
Income protection is an inexpensive way to protect you and your family in the event that something goes wrong. And statistically, you’re far more likely to be sick or injured, than to die.
If you’d like to see just how cheap income protection can be, especially when compared to everything else you insure in your life, we’ll be happy to help you.
Contact Cornerstone Finance today and we can ensure that you get the best advice for your unique requirements.