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Protecting Your Family

  • By Richard Ellis
  • 25 Apr, 2013

Life company Scottish Widows recently surveyed over 5,000 UK adults to explore attitudes and behaviours towards protecting against death and loss of income. Here are some of the key findings from the study..

Life company Scottish Widows recently surveyed over 5,000 UK adults to explore attitudes and behaviours towards protecting against death and loss of income.


These are just some of the key findings of the study:
  • Only 38% of people surveyed have life insurance
  • Only 11% have critical illness cover
  • Only 5% have income protection
  • 43% of households are reliant on two or more incomes
  • 59% of people would only be protected for up to six months or not at all should they lose their main household income as a result of long term illness or incapacity
  • Many people think that they can rely on their savings if the worst were to happen. However 56% of people surveyed either have less than £2,500 in savings, don’t have any at all or don’t know how much they have
  • 27% of people would rely on state benefits if they or their partner were unable to work for six months or longer.
One would assume that in excess of 38% have an outstanding mortgage loan that should be protected in the event of death? Yet a mere 38% of the respondents have life cover.

The 2nd most shocking statistic is that only 5% had any income protection. The survey showed that 57% of households have only one income so this represents a massive risk to the family if the 'breadwinner' is unable to work due to accident or illness.

If you are concerned that you need protection for your loved ones if you should die or be unable to work due to illness please contact us for a free, no obligation consultation.

Fraser Heath News

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It has been a strong start to the year for investment portfolios, mostly driven by signs of continued strength in the US Economy and the promise of more to come under the Trump presidency. Markets always move ahead of the economy so to make money, investors will position portfolios to benefit from what they think is around the corner. But what if the promise does not materialise? One fund manager described this recent wave of enthusiasm as the “Trump Bump” and that this may well be followed by the “Trump Dump” if the new President is unable to deliver on his campaign promises due to lack of support from political colleagues. In this respect, it seems that the failed repeal of Obamacare has given investors pause for thought over the last week or so.

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