86 Money Matters By Rob Cowsill, Financial Planner at SWLaw Invetment & Financial Planning Limited Life Insurance Isn’t Just an Extra Cost M
y personal exposure to Life Insurance, prior to becoming an Independent Financial Adviser (IFA), was to read financial scenarios in marketing
leaflets or watch implausible stories played out during the television adverts… wooden actor attempts to look surprised as he receives a cheap insurance quote. Even for those seeking Life Insurance, this introduction to the market stimulates the “I’ll do it tomorrow” response. So I’d like to run through a narrative which is truthful and is personal to me… very… because it is me! Hopefully my story serves as an example of the potential benefits of protection, rather than just the costs. Note, ‘cheaper’ insurance may not offer the level of cover you seek or require, and may escalate in cost substantially as you go through life’s journey. I purchased a house in February 2017 and subsequently brokered my own Decreasing Life Insurance through
‘cheaper’ insurance may not offer the level of cover you seek or require, and may escalate in cost substantially as you go through life’s journey.
Aviva. The motivation for such insurance is to cover the outstanding mortgage (initially c. £150,000 over 25 years) should the worst happen to me during the mortgage term; something as a 31-year-old you never expect to need. I chose a “Guaranteed Premium” which is more expensive at the outset but is non-reviewable and/or is not tied to specific periodic increases – it therefore helps with budgeting and reduces risk. I also opted for Critical Illness cover which promises to settle my mortgage should I suffer serious illness; an event statistically more likely than death within the time period. Crucially, I also opted for the small monthly increase that Fracture Cover provides. I am a young(ish) active person and at the age
where stag-dos are common place - making breaking a bone or distressing a major ligament, considerably more likely than the more serious scenarios above. There are rare occasions when people hate being correct, perhaps it was when Tim Henman got knocked out of
Everybody makes plans - new job, new house, holidays…
But what about planning your financial future? This can be complex and daunting.
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