Is saving a sensible alternative to Life Assurance?


15 September, 2009

The Credit Crunch has made more and more people think about acting financially responsibly. People are being encouraged to check their bank statements and to cancel unnecessary items.

I have recently seen a number of articles which have encouraged saving as a way of protecting the family instead of taking out life insurance.

The thought of saving money for a rainy day is not new and should be encouraged but it is not a credible alternative to taking out life assurance.

Currently Life Assurance is about as inexpensive as it has ever been. Savings need to be made for a rainy day and with Protection in place these hard-earned savings will be protected if things go wrong.

The argument that savings can replace life cover as a method of protecting the family could lead to families been drastically under insured. A 35 year old female non-smoker could get £100,000 Level Term Assurance over 25 years for around £7 per month.At £7 per month it would take her over 1190 years to save £100k.

For more information please contact the financial services department on 01772 220022 or contact Peter Toner by email.


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