Give the gift of love to your future self

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Posted 10th February 2020 by Lara Maynard

I had to remove the words ‘life insurance’ (ssssh) from the title of this story because well, would you really have read any further? Probably not and I really need you to. The ‘I’ word, it’s the grey cloud to the world’s rainbow of other purchases where you get something tangible and enjoyable when you hand over your cash. Insurance on the other hand, payments made on the basis of what if!

But what if we look at it differently? What if we see the purchase of insurance, not as a necessary evil but as a true act of love; to ourselves, to our future selves and to our families (or future families)?

I wonder, if we were all given our ‘end-dates’ in an envelope, would we open them? What would we do differently? Or, if we actually knew when we might fall ill, would we make sure that we had set up some form of financial protection for ourselves and for our families? I’m guessing yes, who wouldn’t?

Instead, we don’t have the dates, we can’t see into the future, so we put it off for another day and get busy ‘doing’ other life stuff.

The sad reality though is for every day we do this, we increase our chances of illness which either make it impossible to get cover (and I can tell you that is not a good feeling) or and this one is guaranteed, we just keep getting older – and for every day older our cost of cover will increase.

So many young, energetic, busy people just think “hey it’s just me what do I need it for”. You need it for your future self. Because the future you who just may have an ailment that you can’t see coming or who will simply be more expensive to protect, will really thank you!

It can be very difficult to get life insurance in place while you are being investigated for a particular symptom. Even when you get the all clear, or have been diagnosed there will still be a period where you cannot be covered. That results in a long period without adequate protection in place. If, however, you get cover in place while you are well, you are still covered even if when you get old or if you become ill.

If nothing else, go and get some quotes. Do one quote as you today and do one as the future you, a bit older and in the middle of investigations for stomach pains as an example. Imagine the future you had a mortgage, a couple of small people and a partner you’d do anything for. Then you can see the difference in price between life insurance now and life insurance when you are older with a medical issue.

For a few pounds a month, give your future you a head start.

Lara is 45 and married with two girls; 11 and 2. She’s a full-time working Mum, having worked in Financial services for over 20 years. Lara is passionate about her girls and they form her full-time hobby – there isn’t much time for anything else! In her ‘spare’ time, she enjoys the gym as part of her reconditioning programme and recovery from Sepsis.

Protection plans with no investment element will have no cash in value at any time. If premiums are not maintained then cover will lapse.

Critical Illness plans may not cover all definitions of a critical illness. The definitions vary between product providers and will be described in the key features and policy document if you go ahead with a plan.