Protect your Life

What are you worth? 

At HomeLife, the question of what you are worth is not simply about the personal details of your savings account or the value of your home, it’s about the practical consideration of what are you worth to your loved ones if you were not around or unable to work. In this case, we start to think about the bigger picture: what are the current incomes into your home and how do they support a lifestyle for you, your partner, and, possibly, a family? We consider the present and the future: what plans do you have, ambitions and goals that cost money and are worth protecting? 

 

Plan and Protect 

The family unit and the home and life around it has many aspects worth protecting. We encourage our clients to think of a plan for how that can be best protected in the event of critical illness, death or loss of income. Once again, this does not need to be an emotive conversation but a practical one: what savings do they have and how could they support their current lifestyle long term? Do they plan for their children to go to university and should they consider how they would afford this on only one income? With 52% of people stating in a recent LV survey that they require both incomes to cover their outgoings, it makes complete sense that when we arrange our clients mortgage, we ask them, “What would you do if unforeseen circumstances caused your household income to drastically reduce, leaving you unable to pay your mortgage?”. For these discussion, protection often gives them the answer. 

 

‘The average working person is supporting 3 people with their income.’ 

 

A Women’s Worth 

With Mother’s Day only a couple of weeks away, it draws our minds to the important roles that each person plays in the family unit and how all should be protected. LV have found that women can be one of the under-served markets for protection with only 38% having received financial advice. Maybe more alarmingly, only 45% were open to receiving such advice. This makes us ask, do women understand their worth to their loved ones? Have they thought deep enough into the financial challenges that would occur if they become critically ill? Worth, in a financial sense, is not just based upon income generation but about cost prevention. Some people’s role within the family prevent further cost and this makes their role equally as financially worthwhile.