While it may a hard fact of life, risk and danger are all around us
and when we consider risk we must consider the risk of dying.
Where someone is dependant upon you financially the risk of dying now includes an economic element.
- How much money will your partner need to survive financial hardship?
- How will they be able to achieve all the things you had both planned for the children?
- Will they have to sell the house to reduce costs or raise an income?
- How will your partner live off state benefits of £3,800 per annum?
- Do you want to give your partner a choice or are you leaving them to make do and mend?
However, if you wish to consider your options, there are a number of
ways of dealing with risk. We can accept the risk, but this could be very
high price to pay (it is commonly reckoned that a breadwinner with children
should have ten times salary as a life assurance amount, as a minimum)
Alternatively you could avoid the risk (but life could be boring and that
does not help in terms of catching an illness).
What might be a good option is to transfer the risk to someone else, in
this case a life assurance company. For a small percentage of the amount
of insurance required, a life assurance company will consider an application
to cover your life. Even if you have an illness or congenital condition,
it may be worth talking to someone about insuring you.
Contact us and we'll get in touch, or call
us direct on 01324 832 715.
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