Whilst we can’t help you with the taxes we aim to help you prepare financially in the event of a death. At ECHO FINANCE it’s not just about providing you the cheapest policy we can find; there’s much more to it than that. Getting it wrong can impact adversely on the lives of those we leave behind and we believe that it’s our job to make sure that never happens.
Life insurance pays out a lump sum or monthly amount of money if you die or become terminally ill.
If no one depends on you for money then you have no need to take out Life Insurance!
However, you do need to consider how you would cope financially if illness strikes. After all; you only have your own wages to rely on. Please read the pages on Income Protection & Critical Illness Cover.
Ask yourself this question: “Would I have enough money to pay all my bills if my partner died?”
How would you feel if you were going to lose your home because you could not afford the mortgage or rent? Maybe you could downsize but end up living in an area you don’t wish to live.
How about those other debts that need repaying? As for having a social life again, would this just be too expensive on your wages alone after the bills have been paid?
ECHO FINANCE aims to advise you on how much life insurance you need to make sure you don’t lose your home, you can afford to pay your bills and live your life free of money worries.
How would your family cope financially if they lost their mum or dad?
Cooking, cleaning, mowing the lawn, feeding the baby, reading bed time stories, taking the children to school, helping with homework, going to work, arranging holidays, taking the children to after school clubs…
On top of taking care of all these jobs alone how would it feel to also know you were going to lose your family home? How would you feel if your children had to give up the activities that made them happy in order that you can afford the bills each month? It may be you have to reduce your hours at work in order to look after your children and take care of the house which mean losing some of your income.
IT WON’T HAPPEN TO ME: According to research by Legal & General the cost to replace the work that a mum does in the house is equivalent to an annual salary of £32,812. How would you pay for this?
Even after a mortgage has been repaid consider the lost annual income. If one of you earns £30,000 per year and died aged 35 you would lose a massive £900,000 in lost income over 30 years, assuming you retire aged 65. What do you have in place to replace this?
ECHO FINANCE aims to advise you on how much life insurance you need to make sure you don’t lose your home, you can afford to pay your bills and ensure your children enjoy the same standard of living had you both been around.
If you are a single parent, who are you relying on to look after your children if you die and give them the life you wish for them? More still, how will this lifestyle be paid for?
How would it feel to know that your children’s carer doesn’t have enough money to allow them to attend school trips or take part in out of school clubs or activities?
DID YOU KNOW: The typical cost of a full-time nursery place for a child under two in England is £167 per week – that’s over £8500 a year! (Day Care Trust – Childcare costs survey 2009)
ECHO FINANCE aims to advise you on the right level of cover that is appropriate for you. We aim to ensure that any mortgage is repaid; allowing the money from the house to be put in Trust until your child is an adult whilst also providing a monthly income to the carers for the costs of bringing up your children.
IT WON’T HAPPEN TO ME: It doesn’t have to cost the earth. For as little as £10 a month you can have some valuable family protection.