Maan

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taking the devil out of the detail

Wednesday, 29th June 2010

“When I was young, I thought that money was the most important thing in life; now that I am old, I know it is”– Oscar Wilde

Let’s start off by getting it out there. We all die. There, said it. Some of us may even have the misfortune to experience a life-changing medical event before we shuffle off this mortal coil. It’s not a pleasant thought, we know that, but everyone should prepare for the possible unpleasant things in life as well as enjoying the good ones.

Secondly;

For those of us who are statistically minded, here is another way of looking at it: 100% of the population die, at some point. That includes you. Therefore, it seems sensible to make sure that if “it” happens before you are ready, you have a plan ‘b’. The plan ‘b’ simply provides cash: cash to clear any money you owed, for example on a mortgage, cash to ensure your partner keeps the home they shared with you, cash to ensure your children continue to experience the lifestyle you helped provide, cash to gift to partners, family or friends. It sounds mercenary, but most of us are cash generators in our lifetime and that cash is relied upon by many others. Without our financial support, those people have more than grief to deal with.

Finally,

A very simple policy that could cost comparatively little in your overall expenditure could make a real difference after you die. With a small amount of simple, extra planning you can make sure that the money you leave in the policy will go to the right people and at the right time. It’s really not that scary, is it? What’s even better is that it is straightforward to arrange: simply call us and we will help you.

We did mention earlier that some people suffer a life-changing medical event. This is a little harder to explain, but in many ways easier to understand why you should protect against it. Let’s say you suffer a heart attack, but you live. Well, your life insurance won’t pay out because you have not died. You might have nearly died, but under the terms of the policy that is not enough. So, you can’t work for a while. It could be a long while or perhaps never again, but all the time you are not working you still have to pay your living expenses.

Advice

Sure, you might be lucky enough to have benefits from your employer, but will those be enough to repay your debts and provide for you until your pension kicks in or you kick the bucket? Think of this as living protection, or critical illness assurance or family income benefit to give the plans their proper names. Understand why this is important, and if you need to understand in more detail, we’d be happy to talk to you.

There… death and serious illness taken face on and dealt with in less than 500 words. It’s not scary, it’s not a sales pitch – it’s common sense and acting responsibly. It’s certainly not new: apparently life insurance was started by the Romans, but that’s another story.

To find out more information please contact us and arrange to meet with one of our advisors who will be able to assist you with a wide range of money related matters.