In 2005 some of you know that I had surgery to remove a growth from behind my right eye. I had intended to increase my life insurance prior to my birthday that year, because I still had an eight year old who would be dependent for a least another ten, if not fifteen years. I had to defer applying, not just because of the growth ironically but also because of the results of the ‘routine’ blood tests which followed surgery. Thankfully, I’ve got convertible term insurance which, many of my clients will know, can be converted to a whole of life plan at ordinary rates of premium and irrespective of any deterioration in health. This is an invaluable facility because I know I can purchase insurance for the rest of my life, however long or short it may turn out to be.
There are no only three major players left in this market so, if you do not already have convertible term or it needs reviewing, it may be worth taking advantage of.
My father, Andrew, was literally about to cancel the critical illness insurance he had effected on my life and which, as we were not so financially and professionally dependent, he deemed an unnecessary expense. I immediately said: “Hang on – I’ll pay the premiums”. The interesting thing was that I didn’t even ask what they were! The cost, at the time, was irrelevant. Faced with the
likelihood of a claim, what did it matter if the cost was £100 per month or even £200 per month if I was to stand to receive £200,000?
Insurance is like gambling. But then again it isn’t. With a bet you hope to win; but with insurance, you hope to lose. Ask yourself if you genuinely believe that you and your family are adequately protected against premature death, critical illness or incapacity. Also question whether you feel you have value for money, because so many people I meet are paying more than they really need to for products that can be arranged more cheaply. Don’t wait until after your marriage. Don’t wait until after your baby is born. Don’t wait until after your holiday. Don’t wait until your income goes up. Don’t wait until your health deteriorates. Don’t wait. Because, if you wait, it may be too late! Please contact us to arrange a review of your family life, critical illness and permanent health insurance programmes.