Protecting yourself is optional. Protecting your car and home is not. Pet protection continues to gain popularity.
Which is more valuable?
Ok we know that buying home insurance may be legally required. Buying car insurance is legally required. Buying life insurance is optional, but what if none of these were mandatory? Ask yourself the question.
If you could choose, what would you cover first?
After my personal experience I know it would be Life – hands down! And believe me I love my dog!
Insuring one’s life costs no more than our car insurance or pet insurance, in fact depending on certain factors, it may cost less. When considering the amount your family would get paid should something happen, life insurance has far more value. Yet, lack of life insurance coverage and under-insurance exists.
Car insurance is compulsory by law. It is a way we protect ourselves financially in case of damages caused by accidents or a theft. But if we become seriously ill, or we die, how will our families carry on with the mortgage payments, rent, education for children for the next 5 years even 15 years. This devastating loss is far greater!!
Let’s actually have a look at the costs of each, you will see that life insurance cover is far more valuable and worth far greater.
Pet and Life Insurance Quotes – A Comparison
- Pet Insurance Based on a Labrador 1.5 years old with no previous health conditions.
- Covered accident ONLY. Covers sudden injuries but not any illnesses.
- £2,500 for each accident per year. You pay the first £99.00 per accident per year.
- Annual renewal
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£4.48 per month
- Life Insurance based on a healthy 25 year old man with no previous health conditions.
- £300,000 worth of cover. Paid directly to your family upon death or when diagnosed with a terminal Illness.
- Fixed cover amount and fixed monthly payment until the age of 65 years old.
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£8.18 per month
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£1,000 vet bill. Could you cover this?
Versus
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Loss of an entire income. Could you cover this?
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Your home and car insurance tends to go up every year with inflation.
Versus
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Your life insurance is a fixed rate and fixed coverage amount.
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TIPS
As it is important to insure one’s car for the right sum, it is more, if not equally important, to have adequate sum assured to take care of life insurance needs.
There’s no way to anticipate what will happen in the future — you can’t predict when or how your pets will get sick, or how much it will cost, just as we can’t predict any future illness or death in our own lives.
This lack of knowledge and misinterpretation of cost around life insurance needs to be addressed and getting adequate life coverage should become a priority.
We can help you find that right cover, whether that be Life Insurance, Critical Illness Cover or Income Protection, please contact us via our website, www.lizzieslife.co.uk