BFS Co

£125,860 currently owed by the average household with a mortgage
The Money Charity 2019 Stats

Only 58% of households with a mortgage have life insurance
Finder - Life Insurance Statistics

Average funeral cost is £4,267
Money Advice Service - How much does a funeral Cost?

with costs increasing by 122% since 2014.
Sunlife - Cost of Dying Report

97.6% of claims paid at £14.5m per day in 2018
ABI - Protection payouts see insurers support record numbers through bereavement, sickness and injury

Cost
Quote obtained on 18/12/2019 for a 50 year old male (DOB 01/12/69) for £150k LTA life only to age 70 AIG returned a quote of £23.32 per month and LV= returned a quote of £23.54 if accepted at normal rates.

INCOME PROTECTION COVER

In 2018 only 200,000 people in the UK had income protection cover
ABI - Key Facts 2021

As of 2022 the current level of SSP is £99.35 per week
GOV.UK - Statutory Sick Pay

Compared to the £356.25 per week living wage
GOV.UK - Minimum and Living Wage Rates/
Based on £9.50ph for a 37.5 hour week

IN 2018, over 1 million workers are unable to work due to sickness or injury
DWP - Long Term Sickness Absence

In 2019, 87.2% of income protection claims were paid out to the tune of £669million.
ABI - Protection payouts see insurers support record numbers through bereavement, sickness and injury

Cost
Quote obtained on 03/05/2022 for a 50 year old male (DOB 01/05/72) to age 67 on £24k per annum paying £1200 per month LV= quoted £24.94 per month. Quote obtained on 03/05/2022 for a 30 year old male (DOB 01/12/92) to age 67 on £24k per annum paying £1200 per month LV= quoted £9.01 per month.

INHERITANCE TAX PLANNING

In 2017 the average age of a claimant was 49.89
Aegon Claims Stats 2018
AIG Claims Stats 2018
Aviva Claims Stats 2018
Legal & General Claims Stats 2018
LV= Claims Stats 2018
Old Mutual Claims Stats 2018
Royal London Claims Stats 2018
Scottish Widows Claims Stats 2018
Vitality Claims Stats 2018
Zurich Claims Stats 2018

The average payout was £70,925
ABI -  Insurance Payout Statistics

In 2018 UK insurers paid out 91.6% of critical illness claims at a cost of £1.16bn. This has increased from 80% since 2005 due to the ABI code of practice.
ABI -  Insurance Payout Statistics

Cost
Quote obtained on 18/12/2019 for a 50 year old male (DOB 01/12/69) for £150k LTA life and £50k CIC to age 70 AEGON returned a quote of £67.61 per month.

Quote obtained on 18/12/2019 for a 50 year old male (DOB 01/12/69) for £50k CIC to age 70 AEGON returned a quote of £48.84 per month if accepted on normal terms.

AVOIDING LIFE INSURANCE SHORTFALLS