Beating the oddsWe all know that life can be unpredictable but are we doing enough to protect ourselves and our families? The statistics paint a very clear picture – most people need more protection than they currently have in place. But the good news is that with the right advice you can be certain you’re protected in the right areas for real peace of mind.
Fact – 1 in 4 men now aged 20 will not live to 65.
Source: Swiss Re 2001
The Mortgage Advice Network’s fact – In most cases, life cover is a cheap form of protection. And with a 25% chance of a man now aged 20 not living until he’s 65, it’s clear just how important this cover is.
Fact – More than 1 in 3 people in Britain will develop cancer at some point in their lives.
Source: Cancer Research UK, 11/2003
Fact – Over 270,000 people in Britain suffer a heart attack each year – that’s one heart attack every 2 minutes.
Source: British Heart Foundation, 11/2003
Fact – A man has a 1 in 4 chance of suffering a critical illness before retirement age. For a woman, it’s 1 in 5.
Source: ERC Frankona Re
The Mortgage Advice Network’s fact – In short, for a male and female couple, there’s a 45% chance of cancer, heart attack or critical illness before retirement. That’s almost fifty/fifty and proves the need for protection.
Fact – People are 19 times more likely to be off work for more than 6 months due to illness or injury than they are to die before the age of 65.
Source: Department for Work and Pensions
The Mortgage Advice Network’s fact – 4 out of 5 people with mortgages have life insurance, but only 1 in 8 have income protection. As you are 19 times more likely to need the income protection, you need to give it some serious consideration.
Fact – During the first half of 2006 there were 8,140 repossessions which rose to 8,860 in the latter half. This represented a 65% increase on the previous year.
Source: Council of Mortgage Lenders
Fact – 86% of repossessions were caused by a drop in income. The main causes of this are loss of employment, the death of a main bread winner, and illness or injury.
Source: Ibid
The Mortgage Advice Network’s fact – Protection should be just as much of a priority as securing the right mortgage for your needs. As well as helping you find your new home, we want to help you stay in it. That’s why we offer independent, expert advice on protection.
Make sure the odds aren’t against you. To find out more about our comprehensive advice in this area, please call us on 08000 11 29 30 or click here.