Life insurance Facts by TOMS, find cheap life insurance deals, cheap life insurance quotes.

Life insurance Facts

The life assurance protection gap in the UK is currently estimated at £2.3 trillion – that’s £2,300,000,000,000. According to Mintel, only 45% of adults in the UK have any life cover.

Most people don’t have insurance at the top of their priority list. Price is often an obstacle. But death is inevitable and everyone with a home or a family needs life cover.

Winston Churchill’s words from 1909 are still just as appropriate today:

“If I had my way I would write the word ‘Insure’ upon the door of every cottage and upon the blotting book of every public man, because I am convinced for sacrifices which are inconceivably small, families and estates can be protected against catastrophes which would otherwise smash them up forever. It is our duty to arrest the ghastly waste, not merely of human happiness, but of national health and strength, which follows when, through the death of the breadwinner, the frail boat in which the family are embarked, founders, and women and children and estates are left to struggle in the dark waters of a friendless world.”

Someone always carries the risk. Will it be you, your family or your insurance company?

What's the bigger problem?

TOMS - Think about the amount of income your family would need in order to maintain their standard of living in the event of your death.

MR BREADWINNER -

Example of current monthly outgoings:

Mortgage £600
Council Tax £100
Utilities £90
Childcare £530
Telephone and mobile £90
Car expenses £80
Food £350
Insurance £60
Day to Day expenses £300
Total £2,200

TOMS - If your family did not have that kind of money each and every month, would that be a problem?

MR BREADWINNER - Yes it would.

TOMS - Suppose I can solve that problem for you for around £75 a month.

MR BREADWINNER - That’s a lot!

TOMS - So you’re saying that to find the £75 a month would also be a problem?

MR BREADWINNER - Yes it would.

TOMS - Well I can solve the £75 problem for you very easily – by leaving your widow with the £2200 problem.

…

TOMS - Are you saying that £75 would be a bigger problem than the £2200?

Whichever decision you make, it will be a problem.

Which is the easier to solve?

Paycut?

How much of your salary do you actually need?

How much could you afford to manage without?

Imagine your boss has called you into the office to explain that times are hard and the company was asking everyone to take a 1% pay cut. Would you resign?

Probably not over such a small amount, proving that you can manage on 99% of your income.

If you spend 100% of your income, you could leave your dependants with nothing when you die – a 100% pay cut.

Yet if you manage on 99%, the other 1% could ensure your family is provided for.

What's next?

Obtain a quote using our online services.