Families are being told that just £1 a day could make a huge difference if life does not go according to plan. Mortgage and protection specialist Katy Eatenton warns that too many families are dangerously under-protected because they believe cover is either unnecessary or unaffordable.
The Misconception of Cost
“Every week I hear the same things,” said Katy, who runs Eatenton Finance in Weybridge. “They say ‘I’m healthy’, ‘it won’t happen to me’, ‘my family would help me’, and I have even had people tell me they would just start a GoFundMe page if something happened.” According to Katy, the biggest misconception surrounding life insurance and critical illness cover is the cost. “People hear the word insurance and immediately think of huge monthly payments, but the reality is often very different. For many people, putting proper protection in place can cost as little as £1 a day. If you think of it as just £1 a day, that can make it more palatable.”
Young Adults Shocked by Low Premiums
Katy noted that many younger adults are shocked to discover that life insurance can sometimes start from as little as £5 to £10 per month, depending on age and health. “When you break it down, it is often less than people spend on coffees, takeaways, or subscriptions they barely use. Yet that same policy could be the difference between a family coping financially or completely falling apart after illness or death.” She believes the conversation around insurance needs to change. “We insure our cars, our phones, and even our pets without hesitation, and that generally costs way more than £30 a month, but so many people still leave their income, mortgage, and children completely exposed.”
Critical Illness Cover for Families
Katy also highlighted the value of critical illness cover, particularly for families with children. “Some insurers have fantastic bolt-ons where you can spend an extra £10 or so a month and get critical illness cover for both yourself and your children, up to £2 million.” She added: “Some policies now include children’s critical illness cover as standard or for a relatively small additional cost. If a child or parent becomes seriously ill, having access to financial support, private treatment options, in some cases overseas, as well as time away from work can be life-changing.”
Planning, Not Fear-Mongering
For Katy, protection is not about fear-mongering; it is about planning. “The families who cope best during difficult times are rarely the luckiest. They are usually the ones who prepared properly beforehand. Nothing should ever be left to chance when people you love depend on you.”
