One reason a lot of people don’t take out life insurance is that they think it will be unaffordable. More often than not, if you’re in reasonable nick and not too old, it’s cheap, and much cheaper than you might imagine: £500,000 for a 50 year-old until they’re 70, just £70 a month, for example. Not bad, I’d say, considering, worst case, the insurance company might have to fork out £half-a-million having only had £70 in return. Of course, you kind-of hope it’s a complete waste of money, and unless persuaded to the contrary, many will assume it is, or that ‘we’d be better off saving the £70 somewhere. Maybe, but maybe not. And the other (main) reason not enough are properly insured is that there’s no one out there doing the persuading these days. Sadly.
Should Financial Education be as important as Sex Education?
We’ve talked before about the ‘Hotel des Parents’, where many are having stay well into their thirties, until incomes finally catch up with house prices and they can step onto the ladder and become first-time buyers.
