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Price of a curry could provide financial cover

April 2012

December 16  2011,
by Stewart Hood – (Arcadia Financial Solutions)

 

A PLYMOUTH financial advisor is concerned that city people are not financially protecting their families – even though it can cost less than the price of a curry.

Stewart Hood, director of the Plymouth office of Arcadia Financial Solutions, said more than half the population have no life insurance and millions of people have no cash reserve to support them if they lost their jobs. Yet Mr Hood, a chartered financial planner, said the cost of protection is less per month than a trip to a restaurant or takeaway.

With Plymouth having more than 20 curry houses, Mr Hood is amazed that our love of spicy food is not equalled by a desire for financial security. “It might be synonymous with India but a lot of us in the UK like a curry, so much so that there are nearly 100,000 people employed in an industry serving 2.5million people a week and with an annual turnover of nearly £3.6billion,” he said.

“Incredibly there are more people employed in the UK curry industry than three of the great industries: coal, steel and shipbuilding combined. But he added: “Here’s some other staggering facts: 54 per cent of adults have no protection on death and four million adults could survive financially for only six months if they lost their jobs”.

The ‘life insurance gap’ in the UK has been calculated at £2.4trillion,” he said. “It looks like some of us are preferring a curry to protecting our family”. And yet providing for your family is so cheap, said Mr Hood. For example, £10 per month will provide £135,000 worth of cover for 20 years on a guaranteed basis for a non-smoking male, aged 29, and non-smoking female, aged 26.

Ok, I have used curry as an example, but even in these difficult economic times we all spend on the little things. And swapping something minor each month for protection for your loved ones will result in something major – financial peace of mind.

Just last year, Britain was revealed as having the third largest mortality protection gap in Europe, behind only Germany and Sweden.

But it’s not a problem just restricted to the UK. The European Insurance Report 2010, questioned 11,000 people across 12 European countries and found hundreds of thousands of people do not have enough life insurance.

The study said just 11 per cent of respondents across Europe claim to be well positioned financially if they die or suffer a long-term illness or disability.

By: Stewart Hood

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