Life Insurance: Protecting Your Family

Death is a sad but unavoidable part of life, and in the insurance business, we have reason to think about it a lot more frequently than many people. Still, no matter how many of them I see, looking over reports on life insurance pay-outs is always sobering reading.

The most recent reports from Aviva showed that in 2020 the most common reason for life insurance claims for those under 30 and those aged 30 – 39 was suicide, followed by cancer as the most common cause in all other age categories. Cardiovascular problems are also very prevalent, being the second most common overall cause for a claim, followed by respiratory problems and Covid-19. Vitality’s reporting showed that while the majority of deaths for people aged over 40 were caused by cancer, for the under 40s the leading cause was “unnatural death” – a grouping which includes suicide, but also motor accidents, drownings, falls and alcohol and drug-related deaths.

I think we have a tendency in my line of work to focus on older customers and think primarily about illnesses as the causes of death, but these statistics are a vital reminder that there’s value in being insured and protected at any age.

It’s encouraging then, to see consistently high payout rates. The most recent numbers from Aviva show 99.3% of life insurance claims are being paid out, along with 87.5% of income protection claims and 92.7% of critical illness claims. With VitalityLife, 99.6% of life insurance claims are paid, along with 96.8% of income protection claims and 91.3% of serious illness cover.

At Kind Financial Services we take pride in searching for the best and most suitable products for our clients and make sure all customers have the right protection in place – whether it’s for life cover, critical illness or income protection.

These aren’t pleasant topics to consider, but I think it is important to plan ahead and make sure you’re covered just in case. The loss of a loved one is never easy, and it can be made much worse by the stresses of the financial burdens created by a family member passing.

Get in touch today to discuss your insurance needs. Maybe you’ve not thought about life cover before and are currently uninsured. Maybe you took out a policy years ago and are unsure as to what cover is and is not included. We can take a look and talk through what will happen in the event of you falling critically ill or passing away. Whatever your current situation, we can make sure the right plans are in place to ensure that your loved ones will be taken care of.

Johan Kruger

johan@kindfinancialservices.com / 07758781574.