We insure our cars, homes, mobiles and pets, but are we doing enough to protect the main wage earner(s), and the income stream(s) they provide?

Possibly not, when you consider that only 35% of all adults have a Life Cover policy. Even amongst those surveyed who have a mortgage it only increases to 60%, meaning that 4 out of 10 homeowners, with a mortgage, don’t have life cover in place!

(Source: Royal London, May 2018)

Yet imagine the emotional and financial implications for those left behind, if the main wage earner were to die. Most will feel that this won’t happen to them (or their family members), but it does. For example, each day around 125 UK adults, aged 18-55 die. 

(Source: Office for National Statistics, 2016 data, July 2017)

What about facing a serious illness (and surviving), or being off work for a lengthy period? The Royal London research shows that even less look to protect themselves against those possibilities. Just 12% of all adults have Critical Illness cover, and only 9% have Income Protection, designed to cover those off work for a lengthy period due to illness or injury.

Cost implications

We understand that there are probably plenty of demands on your finances, and also recognise that it’s difficult to contemplate facing a untimely death or ill health. But imagine if the worst did occur, then surely it’s better to: Have something in place and hopefully not need it, than to need something and unfortunately not have it.

Some may still feel that it’s not viable financially, but let’s have a conversation about this. In fact, you might, be pleasantly surprised with what’s on offer.

Of course, you want to enjoy the various treats your income can deliver, but do consider that the average Brit spends £124 a month on little luxuries such as takeaways, taxis and snacks. By possibly cutting out a few items each month you may swiftly find the money to help fund a protection policy that puts your mind at rest.

(Source: Scottish Widows, January 2018)

Only 2.2% are not paid out

Another concern for many is the belief that many claims aren’t met. To counter this myth, the insurance industry releases it annual figures. Across the board, 97.8% of all claims were paid out in 2017, amounting to an average of £13.9m a day! We’ve also shown below how this pans out against the three main sectors of protection.

(Source: *Associations of British Insurers, May 2018 release)

Do take advice

It really makes sense to take advice, as there are so many elements to consider, quite apart from your own issues regarding age, health, lifestyle, extent of cover required, individual or joint policy, indexing for inflation, medical disclosures, and so on.

Also it’s not just a price consideration once we identify a suitable route for you, as some insurers are increasingly innovative and provide a range of value-added services which could be of interest.


Life cover

  • 99.5% of all claims paid out
  • Average payout of £78,323 (term);
  • £4,511 (whole of life)*

Income protection

  • 87.2% of all claims paid out
  • Average payment over 166 weeks of £33,700 for individual schemes

Critical Illness

  • 92.2% of all claims paid out
  • Average payout of £73,085*

As with all insurance policies, terms, conditions and exclusions will apply.