Following the UK government announcement (27th April 2020) that a life assurance scheme for NHS and frontline workers will be put in place, it raises the question: what about the rest of us?
Our Health Secretary Matt Hancock held a press briefing on Monday to announce the scheme for NHS and frontline workers, giving £60,000 to the families of those lost to coronavirus. Matt confirmed that so far that according to official figures, 82 NHS workers and 16 social care workers have lost their lives after testing positive for coronavirus. He has also opened up a Process for the UK to ask questions directly – it is estimated over 15,000 questions have been asked already.
The need for financial protection for our loved ones is just as important, perhaps now more than ever!
Is your family protected?
We often think about funerals arrangements and who will get what, but around half of the young families still do not have any life insurance protection in place.
This could mean losing the family home during such a difficult time or not being able to live as planned without the financial support or income of our lost one. Putting plans in place to pay a lump sum to your family and dependants when you pass away or be diagnosed with a terminal illness, provides the peace of mind that your loved ones will be financially looked after.
The pay-out could be used to pay essential bills such as monthly mortgage payments or rent. It can also be used to help with the costs of bringing up the children. A major insurer found that around 50% of families with children aged up to four still don’t have life insurance. This could mean families are forced to move out, at this time of grieving and even the loss of the family home.
Another worrying factoid is that only 3% of those who rent, have protection in place should they lose their income.
The information provided in this article is not intended to constitute legal or financial advice. You should take independent legal, accountancy or financial advice before relying on the information in this article or before decisions are made or before you embark on any course of action.
For more information or to find out what you can do to protect your loved ones – get in touch for a free and friendly, no-obligation chat.