From the blog

Are You Part of Scotland’s Shocking Life Insurance Statistics?

Talking about life and critical illness insurance is a great way to kill the vibe at a party. It's something that most people don't like thinking about, let alone talk about.

However, as with most subjects that people don't like talking about, it's very important.

Nobody wants to leave their children and loved ones behind with crippling debts should the worst happen, so why do so many people still continue to go unprotected? Especially when taking out life and critical illness insurance can be sorted simply over the phone, and is very affordable in most cases?

Read on to discover the shocking statistics and also how we at Edinburgh IFA are doing our part by putting our money where our mouth is to help some of the worst off kids in Scotland...

⚠️ The Shocking Stats...⚠️

❌ Over £125,000 is the average amount of debt owed by a family with a mortgage, and yet roughly HALF of all parents with children under the age of 18 don't have any life insurance at all.

❌ Even worse, over 80% of parents don't have any critical illness insurance at all.

The majority of people would not be able to survive for more than 3 months if they were unable to work, how long would your family last if one or both of your incomes were to disappear overnight?

As a parent, would you agree that the most important thing in life is doing whatever it takes to ensure that your kids get the best possible upbringing and are happy and healthy? This is a big enough task with you working hard and providing for them, but imagine the situation facing your children if you were no longer around to provide that support and stability, what would their future look like?

These statistics show us that there are hundreds of thousands of parents in Scotland who are failing to protect their families, when in the majority of cases it costs mere pennies a day to have that safety net in place for your kids.

The reason for this most of the time tends to be down to the attitude of  parents thinking "This sort of thing will never happen to me"...

⚠️ Unfortunately, it is estimated that roughly 23,000 parents die every year in the UK, leaving dependent children behind. That's one parent every 22 minutes.

So what are Edinburgh IFA doing about this?

We have decided that for every person that uses one of our expert financial advisors to find them the best life and critical illness cover at the best price possible, we will donate 1 month's worth of your monthly premiums to a Scottish children's charity at our own expense. So just by using our expert advisors to get this essential protection you will be doing all of the following:

1️⃣ Providing your children with the much needed financial security and support should you or your partner unexpectedly become critically ill or pass away.

2️⃣ If you are a single parent, providing your children with the much needed financial security and support should you unexpectedly become critically ill or pass away.

3️⃣ Get a free, no obligation consultation from one of our expert, FCA regulated, independent protection advisors. They will explain everything clearly, answer all your questions, and most importantly, ensure you are getting the correct amount of cover that you need for the best possible price.

4️⃣ At no extra cost to you, as a result of you trusting us to ensure your family's protection, we will do our bit to help improve the future of some of the worst off children in the country by donating 1 month's worth of your monthly premium to one of our Scottish children's charity partners.

*Also bear in mind that if you do already have life and critical illness insurance, our expert advisors have whole of market access.  This means they can search dozens of different companies and can often get you cover that is either cheaper than what you are already paying for the same amount of cover, or can get you better cover for the price you are already paying. If our advisors can do this for you then we will also donate 1 month's worth of your premiums to one of our Scottish children's charity partners...

Ok, I'm ready to protect my family, what is the next step?

Simply fill out the quick form below and one of our experts will get back to you for a completely free, no obligation telephone consultation. It couldn't be easier, just fill out the form below and then click the "Get my advisor!" button now:

In 2016 around 138,000 customers received compensation from their life insurance policies across the UK, with roughly £12.5 million paid out daily and £4.6 billion for the entire year. 

There are also some people who believe that life insurance companies won't pay out upon death of a partner or parent. The industry average payout rate from leading life insurance companies in the UK is 99%.

As long as the information you give is true and accurate, there is no reason for these companies not to pay out, that is the whole point in having life insurance, and they pay out to the tune of billions of pounds every year.

What other things do you insure that are important to you?

People generally don't think twice about insuring their car, their home and contents and their pets. While this is important, are they as important as your life and the possibility of getting a critical illness at some point in your life which would make you unable to work and provide for your family?

Is your Sky/Virgin and Netflix subscriptions more important than protecting your children's futures? People routinely pay over £100 per month for these packages without thinking twice about it, but fail to pay a fraction of this amount for life and critical illness cover.

Do you have lots of assets so don't need cover?

If you have lots of assets like property, cars, jewellery etc, you may think that this will be enough for your loved ones to support their selves should the worst happen. However, you must remember that they will be saddled with the task of selling these assets.

This can take time and would be a big stress while having to deal with the grief of having lost a loved one at the same time.

Already got life cover?

If you already have life and critical illness cover, good for you, but do you have enough?

Some experts recommend that you should have cover of around 20x your annual salary, but most people with life insurance policies only have cover for around 3x-5x their annual salary.

Also, as your circumstances change (for example a new house with a bigger mortgage, more additions to the family etc) you need to have your circumstances re-evaluated to ensure you have an ample amount of cover in place.

It is often the case that our expert independent advisors can find people the same amount of cover at a lower cost, or a better amount of cover at the same price you are currently paying.

If you think you need to improve your cover, or haven't got any at all, then fill out the quick form below and one of our life and critical illness insurance experts will get back to you as soon as possible for a free, no obligation consultation: