Impress Saint Valentine
Valentine’s Day is an opportunity to let your partner know just how much they mean to you, but how many of us are familiar with the story of Saint Valentine?
This patron saint of lovers was a Roman priest who performed marriages against the wishes of an anti-church and anti-marriage emperor Claudius. Claudius believed soldiers could fight better if they had no family responsibilities.
In 269AD Valentine was sentenced to death for his actions and while in prison he befriended a blind girl whom he prayed with and allegedly restored her sight. His last words were in a note to her, signed ‘from your Valentine’.
It’s clear St Valentine’s downfall was because he was keen to help Romans embrace family responsibilities and while we like to think we all do the same, particularly once we have children, in certain areas this isn’t the case.
Take life cover for example, no one wants to think about the unthinkable, but sadly, death is the one inevitable thing we all face. Hopefully, it’s a long way off, but this doesn’t mean we shouldn’t put a financial safety net in place to lessen the financial trauma such an event brings.
No financial support
Around 80% of UK adults have no life cover which means if the main breadwinner stops earning, the family has nothing to replace this income. No one wants to be left relying on meagre State hand-outs, support from family members/friends or spiral into debt to meet everyday bills and future commitments such as university or wedding costs, yet this is a scenario we could well face.
Being in the know
It’s easy however, to address. Simply work out how much you’d like your dependents to have, taking into account your salary and multiplying this by 10 (as a general rule), add your outgoings, including debts and potential future costs, and then decide how long you’d like to have the cover for. You may well want to extend your family, so factor this in.
You can buy level term cover which is for a fixed period and pays a set amount or whole of life cover which doesn’t run for a fixed term, so lasts as long as you do. Level term enables you to control the premiums and cover period so tends to be cheaper than whole of life.
A simple process
If you don’t have the time or inclination to sort out your life cover, financial planning firm Lemonade Money is here to help. Their online tools make the process easy; they have a life cover calculator so you can see exactly how much cover you need and their website shows you the top three quotes for your circumstances. There’s also a free and quick financial health check so you can see where you’re at financially and if you need extra support, Lemonade Heroes can help you get your finances on track. Even Saint Valentine would be impressed with such commitment to family responsibility.