The value of life cover

“You seem as passionate about selling us life cover as you do getting us the mortgage”.

Ok, let us get this straight, I sell nothing to nobody. I advise and help people buy or refinance their homes. If a customer does not want to buy or take on board my advice that’s fine, providing they have understood why I have made my pitch.

My father died without life cover in his 50s and when I visit my elderly mum, I do so in her rented, yes rented, not owned outright with no payments to make, home. So, any mention of cover I make is always because I’ve seen first-hand just how valuable these products, such as life cover, can be.

The famous Winston Churchill said lots of things but he importantly proclaimed: “I am convinced for sacrifices so small, families and estates can be protected against catastrophes that would smash them up for ever”.

So, think on good reader;

  • 59% of British mortgages are unprotected
  • Yet the average family has £1200 in savings (typically 1 or 2 months’ mortgage payments at the most)

That, to me, just shows how valuable something like life cover can be.

Many advisers do not like to get into their customers’ personal space. Of course not, many of you came for mortgage help not realizing you might need something you don’t want or know about. But it’s my job to make sure that it’s something you’ve at least considered.

I conclude this piece by sharing my mantra that I would like all my customers to understand: all mortgage monthly spends should be augmented with a 10% of that spend on life insurance and income protection.

I hope you see why.