Increase Your Lottery Jackpot Winning Chances by 4.6 Million

That got your attention! This 4.6 million factor represents the chances of any of us getting cancer vs a Lottery Jackpot win – and we are all free to bet on this.

I am really talking here about Critical Illness protection and, more generally, Income and Disability protection.

So why bother buying such protection?

Well, one reason is there is a better chance of a payout against winning the Lottery Jackpot. A second reason is that with such protection, you are guaranteed some cash when you most need it.

Seriously, the main reason for protecting yourself in this way is simply that you wish to look after yourself and your family and maybe your business. Cover is relatively cheap and an important part of the jigsaw of financial planning.

Critical Illness, Life Insurance, Income Replacement – how much cover?

It all depends on your view. If you are rich, the answer might be ZERO – if your view is that you are happy to lose capital and income should you die prematurely, contract a critical illness or be unable to work .

You might simply wish to ensure that mortgages are repaid and funds are available for you and others if you were to die prematurely, contract a critical illness or be unable to work.

Then there is the issue of affordability. One way to assess this could be to work out how much is spent on other areas e.g fun, lottery tickets (!) and consider against this sum how important cover might be to you. Then find an IFA and work out what cover might be purchased.

Is it worth it? Will the policies pay out?

Yes. And yes, all the good ones pay out millions every month – to the people who have cover that is.

Am I the unlucky one who will not receive a pay out ?

You would be lucky if they DID NOT HAVE to pay out. Seriously though, with 59% of UK adults not having critical illness cover and 1 in 3 of us contracting cancer alongside 1 in 6 of us having a stroke, without doing the maths I would suggest many of us will claim but most of us will be in a position whereby we wish we could have claimed. And by talking with an IFA and utilising their knowledge of insurance companies and policies available you are increasing your chances of having the right cover with a reputable insurance company in place, should you ever be unlucky enough to need it.

So what to do?

Find an IFA, perhaps us, and have a conversation about making sure the right money will be in the right hands at the right time should you die, have a critical illness or be unable to work.

Or buy a lot more lottery tickets!

Again I remind you that these comments are designed to spark discussion – a bit like the daily papers – and do not constitute advice in any form. You can find us at www.buildyourwealth.co.uk

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