Aladdin Magic Lamp. How Much Would You Insure It For?
Published / Last Updated on 18/03/2021
Imagine you had a magic lamp and had three wishes. You would maybe use 2 wishes for Health and Happiness for all family and friends and perhaps the third wish could be £50,000 pa every time you rubbed the lamp for financial stability?
How much would you insure your magic lamp for?
To generate an inflation linked yearly income of £50,000pa you would need a sum of £2,500,000 to invest (based upon 2%pa annuity rate). This would be our recommended amount to insure the lamp.
Now, let’s change the lamp to another lamp, the ‘light in your life’ i.e. your partner.
Recent research by Moneysupermarket.com has found that 2 out of 5 people with mortgages and financial dependents do not have any life insurance cover at all.
What if your lamp ‘went out’? What if you or your partner that generates £50,000pa in income were to die? How would you, your partner or your loved ones survive financially if the ‘lamp’ went out?
The reality is that the average cost for say £100,000 of 20 year term life insurance may be no more than £10pm, £20pm or £30pm for most age bands, increasing as you get older.
The majority of us spend more on broadband, mobile phones, TV subscriptions or take away food each month than we do on life insurance. All this would disappear if you lost your lamp anyway. You need to insure your ‘lamp’.
Don’t delay, contact us today for a free premium check and quote.
