People need to realise how important certain types of insurances are to provide financial comfort to themselves and their families when faced with unexpected life events such as redundancy, long term sickness, serious ill health or family bereavement.
Financial stress is responsible for over 40% of mental health issues and is one of the main reasons for workplace absences. People need to take action but, research by Finextra revealed 9 out of 10 consumers in the UK feel that they are undereducated in terms of personal finance and uncertain of what to do about safeguarding their financial wellbeing.
In 2019, life insurance companies paid out 98.3% of claims made. This is equal to £15.8 million in claims paid out every single day and those who had life plans in place were able to rely on these insurances for lump-sum payments or monthly benefits.
Free financial insights aren't actively promoted to mainstream audiences because many regulated firms only focus on individuals who can afford to pay for advice. This leaves 60% of the UK's population with no access to financial guidance leaving families vulnerable during threats of redundancy, sickness, serious illness, disability or family bereavement.
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