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Insurance - the shocking truth
Some amazing statistics came out recently that really had me scratching my head. Legal and General commissioned a survey looking into the nation’s attitude to and uptake of insurance. The main points were that:- 66% of people have home contents insurance
41% have life assurance
14% have income protection Ouch! So nearly 5 times the number of people have their possessions insured than their income. In fact, people are more likely to insure their pet or mobile phone than the single thing that pays all the bills - their income. Statistically you are more likely to be out of work through accident, sickness or redundancy that you are to be burgled. The cost of a typical home insurance is around £20, the same as the cost to insure £1 000 worth of income per month for a typical applicant. And this monthly income will continue until you’re 65! Does this mean that we should all be rushing out and cancelling our home insurance then? Nosiree! I’m just advocating looking at all your insurances from a viewpoint of their benefits to you. May I make a suggestion? Get a big bit of paper and split into 3 columns: cost per month, amount of benefit and then use the third column to rank how important each insurance is. Then reassess your insurance spend - just as a pointer, did you know that the cost of mobile phone insurance is the same as £240 000 worth of life assurance? (typical figures - as provided by L&G) Remember - very few insurances are compulsory so you need to make sure you are insured for what is important to you (not the guy in the suit who sold you that shiny new phone…) Thanks for reading. Jon Davies
www.holidayinyourpocket.com
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This intel was contributed by Jon Davies
Jon Davies
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May, 2012
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