Take out insurance to secure family’s future

These small items can really add up and it could easily add up to £25 per month.

I call these items fritter items where money just disappears and this is before we spend money on more big ticket items such as watching football, going to the cinema or buying wine.

In addition to this we have other outgoings which include insurance that we feel we must have for items that we use everyday such as for our mobile phones and boiler insurance.

These insurances are not obligatory but even these insurance items I have mentioned can add up to around £15 per month.

Then if we have a dog or cat its as likely that we don’t want to take any chances with it getting ill and not being able to afford the vets bills, so it is likely we will insure against this that could cost up to £30 per month.

However, the area of insurance we neglect is ourselves.

Why we do this is a modern day mystery when all the money we spend on fripperies and everyday insurance for our families depends on the ability to earn money or having amassed enough capital for our families to live on.

By buying insurance we can ensure that if anything happened to us that our families although affected emotionally would be unaffected financially. Most people would agree that it is worth protecting their family but tend to shy away from doing this. Often reasons for this are that they are covered at work or the state will look after them.

Sadly statutory sick pay and other forms of benefit are unlikely to exceed £100 per week and if you died at work you are unlikely to get more than three times your annual earnings if your family are lucky.

So although these benefits are useful they may not secure your family’s future, and it is not as if protection is expensive.

Once you are insured you can get rid of that nagging feeling that you are not adequately insured and carry on enjoying life.