We can all be plagued with procrastination on sticky subjects and finances are up there with “super glue” sticky. If there is one subject, however, that should nudge its way to the top of our box ticker into the new year, it is that of protection of the family or business in the event of a death or even a critical illness.
A friend asked me once how much he would need to retire if he wanted to, so I asked how much he would like to win in the lottery to hang up his boots.
Naturally the number was beefy at around £5m, but, when I followed that with how much life cover he had, it was marginal, in fact less than a tenth of that. Why would he need so much if he wasn’t working (ie his retirement number above) but get away with so little when once again not working (passed away) but also unable to do anything about it?
