According to a recent survey the average consumer over estimates the monthly cost of life insurance by considerable amount. When questioned participants estimated the premium would be be £50.98 per month when in fact the average true premium was £10.31.
You can read more about the survey and responses by
Cost of Life Insurance
It was also clear from the survey that the perceived cost was preventing people considering this basic protection. Basic life insurance to protect your income and/or your family and dependants should form part of your financial planning.[thrive_toggles_group"]
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You can see from thethat purchasing basic life insurance and cover is probably not best done through your bank or building society but through a FCA registered adviser who specialises in this field.
The questions you need to ask yourself is: “What would happen to my dependants if I were to die or be be seriously injured and could not work” or if I were to contract a serious illness which incapacitated me.
Any good FCA registered adviser would be able to give you an idea of the options and costs involved but it is clear that for a relatively modest sum basic protection can be put in place.