30 Phonebox Magazine ADVISCN I E-P-ENDfNT FINANCIAL ADVISERS brings you Finance Matters Protection levels hampered by incorrect perceptions It is a well established fact that the level of protection in the UK is well below the level it should be. This has almost certainly always been the case and not only applies to life cover but also to critical illness cover and to policies covering incapacity through ill health. The gap between what is deemed to be the amount of cover we should have and the amount we actually have tends to differ from survey to survey. However, AEGON have estimated that it currently stands at £2.4 trillion or £1 00,000 per person (of those that should have it). The Financial Services industry has highlighted this gap for years but there seems little sign of things improving. This begs the question - why do people not protect themselves more? I have often seen highlighted the different emphasis people place on insuring assets and usually the house and car are placed above themselves. A recent survey of 2,000 people by Drewberry Insurance* confirmed this as it showed 70% having Car Insurance, 65% House Insurance and just 35% Life Insurance. Perhaps this anomaly comes down to perception. In the same survey, respondents were asked what they thought were the chances of an individual being off work for over 6 months due to ill health? The average response was 1 in 30 but the reality is 1 in 10. Similarly,theywereaskedwhatarethechancesofan18yrolddying before age 65? The average response was 1 in 70 compared with the reality of 1 in 9. This displays a very poor understanding of the chances of needing life cover but possibly a very good explanation of why there is such a lack of it in place. If you would like to discuss or review your level of protection then please call us. Initial meetings are without cost and we are happy to come to see you in the comfort of your own home. See our advert below. This article does not constitute advice and should not be taken as a recommendation to undertake any course of action mentioned without consulting a relevant professional. • - Drewberry Insurance Health & Protection Insurance Survey 2013 A 65 year old male retiring at the end of 2012 would, on average, receive 56% less pension than in 1994, and a 65 year old female, 50% less. The same research issued by Moneyfacts in early 2013 also shows annuity rates in the UK have fallen in 1 5 of the last 1 8 years and the reduction was 1 1 .5% in 2012 alone. If you wish to review your pension arrangements or you are approaching retirement, why not contact Advison to see how we may be able to maximise the benefit from your retirement planning. Our financial advisers will help you to: • ensure you have a clear financial plan for the future • provide protection and peace of mind for your family • make the most of your hard earned savings and investments • save for your retirement • minimise your personal tax liabilities • protect your estate for your beneficiaries . . .and give you access to ongoing advice and suppo