The shocking reality of how protected we are in the UK - HL Mortgages
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The shocking reality of how protected we are in the UK

The shocking reality of how protected we are in the UK

When is the deadline for your breadline?

The latest “Deadline to Breadline” report published by Legal & General, found that most people in the UK do not see a need for income protection. It identified that households are 4 times more likely to insure their pets over their income.
We understand the value of pet insurance and travel insurance, so why don’t we protect the source that is keeping up the payments for everything else?
A common answer to this question seems to be the cost, but protection does not have to be expensive. There are several factors that determine the cost of insurance: how young and healthy you are when you take the policy, the cost of the product, whether you work in a high-risk job, have a penchant for extreme sports and much more.

The average household is just 24 days away from the breadline

It is important to remember that some protection is better than nothing at all! Rather than asking “how much cover do I need”, let’s start with “how much cover can I afford”. The equivalent cost of a couple of takeaway coffees a week may be all you need for some peace of mind that you’re covered.
There are many different options to consider and so by working with a market expert you can find out exactly how much a comfortable level of cover would cost you.

The right cover at the right price

Insurance can offer protection for a fixed period of time, depending on what you are looking to achieve with the cover. A protection policy designed to cover your income would likely run up until your planned retirement age. Whereas if you wanted to leave a lump sum to your family to cover your income in the event of your death, you may prefer a policy that runs up to a point where your family is debt-free and your children are financially independent.
By understanding your circumstances, we can put together a recommendation that not only gives you confidence but also fits your budget. Find out more about our process.
Get in touch for quotes showing exactly how much cover you could get. Email us, fill out our contact form or give us a call on 01244 478007.