the importance-of-protecting-yourself-for-your-working life

The Importance of Protecting yourself for your working life!

version 1.2 Oct 2011

www.chrisluntifa.co.uk

Why Protection?

• Ask yourself if your Television gave you £20,000 per year or more each year without fail then would you insure it?

That TV is yourself and your ability to earn a living and this is the most important thing in your life

“Your health is your wealth”version 1.2 Oct 2011

The Facts.......

One in three people during their lifetime will develop some form of cancer

Source: Cancer Research UK

Average age of a woman claiming on her LV critical illness policy is 46 years old, for a man it is 49 years old!

Source: LV Critical Illness Claims 2010

A property is repossessedEvery 17 minutes!!

Source: www.creditaction.ork.uk (April 2011)

The average length of a claim on a LV Income Protection Policy is 7 years!!!!

Source: LV IP Claims 2010

A Person aged 25 years of age and earning £25,000 per annum could potentially lose £1,000,000 in lost earnings if they were unable to work until age 65!!!

How much do you stand to earn until age 65??version 1.2 Oct 2011

I don’t need protection!

• Any person who is working needs protection to protect their main asset which is their ability to earn a living!

• Housewives/House-Person may still need protection so that the main earner in the household can continue to earn a living.

• The younger you are then the better, the premiums should be cheaper as you are likely to be more healthy. This allows you to guarantee the cover at the cheapest premium for your whole working life!

• You don’t need to have a mortgage, children to need protection which is a common misconception.

• Protection policies are very flexible and can be amended when your circumstances change and they are not a debt!

• You are protecting you and your families current lifestyle against a critical illness, against being off work due to sickness/accident or premature death.

• Protection policies can be used for future mortgage purchases etc, so you won’t have to pay extra money on protection, also you may not be able to get cover in the future if you have any health problems!!


I already have insurance?

• If you already have insurance then you should also arrange your free, no obligation protection review because:


Life & Critical Illness Cover

• We believe that this should be mandatory for every single person in the UK.

• Critical Illness cover will give you a lump sum tax free payment if you are diagnosed with a critical illness such as cancer, heart attack, stroke etc to do whatever you want with it.

• It doesn’t just affect you who wont be working, it will affect your family, friends who may have to take time off work to take you to hospital/ look after you etc.

• These policies payouts can be used for anything such as paying off mortgage, changing the house if needed, lifesaving operation, supporting your family etc.


Income Protection Cover

• You may be lucky and your work may pay you for 6 months if you are off sick but.....

• What happens after that? How will you survive without any income?

• The government will give you between £51.65 to £96.85 per week* depending on your type of claim stage/illness but is that enough? Work out your outgoing per month?

• These policies will pay out approx 50% of your salary tax free in addition to state benefits to enable you to continue with your standard of living.

• Payments are paid each month until you return to work or when the policy expires allowing you to continue with your life without having to worry about money and allows you to focus on getting better!

*Information can be found on http://www.dwp.gov.uk/employment-and-support - £51.85 is paid to single people under age 25 during the assessment period, £65.45 is paid to over 25 single people. If accepted onto the work related group then the payments will be £91.46, if accepted onto the support group payments will be £96.85, details correct as at 01/03/2011 version 1.2 Oct 2011

Example of why you need protection.

• At the moment, you may be very lucky and have no health problems and working as normal so you think you don’t need protection. This exercise may help you understand that you do need protection and by not having it, instead of letting an insurance company take the risk then YOU ARE!!!!!

INCOME SAVINGS

PENSIONMORTGAGE OR RENT

You have not been able to work for 6 months so you will lose your income, lets cross that box out!

You will then stop making pension payments* as you are cutting down on your outgoings- you are only getting between £51.65 to £96.85 per week now, lets cross that box out!

You will then use your savings to pay for outgoings including mortgage/ rent payments but these will only last for so long! Lets cross this box out!

Now you are left with no income, no savings and no pension so how will you survive on £51.65 to £96.85 per week? How will you pay your mortgage and your bills? *= Unless you have waiver of premium on your pension version 1.2 Oct 2011

There is good news!!!

• You can avoid this ever happening to you by planning ahead now and putting your protection in place for your working life!!!

• It may be cheaper than you think and I provide a non obligation service so what have you got to lose!!!!

• Who is going to take the risk, YOU or an INSURANCE COMPANY!!!!!!


The Cost?• What percentage of your take home pay would you give up in order to make sure you are

fully protected financially in case anything was to go wrong along the way?

On average, it will probably cost between 3% to 5% of your salary in order to provide a good level of financial protection. Would you be willing to utilise this money to protect yourself and your lifestyle?

You have nothing to lose but everything to gain from having a free,

no obligation review!!!!!


Putting your main priorities first?

People sometimes insure their mobile phone against loss- this could cost around £5-10 per month.

What is more important, a £300 phone or losing your income?

An average food takeaway costs around £10-£15 each time.

By reducing the amount of time you go for a takeaway can help pay for protection and you may feel healthier for it as well!

If you get a cappuccino or tea during the week then this may cost you on average £2 a cup, if you have 10 cups in a month then this is £20.


Still Need Convincing?

• If you are still thinking, I am healthy I don’t need protection, then have a look at this video for an example of people who were in your exact thought of mind.

• Please watch this film and see if this will change your mind!

• http://www.lv.com/mkt/itcanhappen


Finally...

• Thankyou for reading through this presentation. Please pass this on to as many of your family or friends as possible as don’t let them be caught out by what could happen!!

• If you require any further information or would like non obligation quotations tailored to your situation then please contact me using the following details, appointments can be conducted either at your home address or my office, appointments are available Monday-Friday between 9am and 9pm.

• Name: Chris Lunt (dipPFS)• Freephone Number: 0800 023 5993• Mobile Number: 07921721166 • E-Mail: [email protected]• Address: 11 Hattersley Court, Burscough Road, Ormskirk, L39 2AY
