Be fit, be healthy and be covered!
As a homeowner, husband and father of one its vitally important that we are financially protected in the event of injury, illness and death; we couldn’t survive without either our incomes and our future would be very bleak financially if one of us were to pass away, so we are big believers in protection insurance. What seems to be very obvious, even to a layman, is how boring life insurance and protection in general can be, however, we are insured by Vitality health insurance, we have life, serious Illness, income protection and private medical insurance with them, and the monthly premiums basically pay for themselves via the reward benefits they offer by engaging in our health.
Each year my wife and I go for a 20-minute health review check up at Lloyds pharmacy, we go to the dentist and most weeks we go for a 5k run. Vitality has a rewards programme that gives you points for doing healthy stuff; the rewards range from weekly cinema tickets & Starbucks to ½ price Virgin Gym membership to flight discounts with BA, but most importantly I reduce my yearly premiums and get actual cash back for moving up their different statuses. Currently aiming for platinum to achieve £400 on our life & health policies.
We save around £35 per month on cinema tickets, £20 per month on Starbucks, £300 per year at Champney’s health Spa, I bought a bike from Evans cycles at 50% off saving £250, we by a new pair of running trainers each per year saving 50% each, so when you work all those savings out our total monthly spend on protection is around £100, and we save more then the insurance costs us, it really is a no brainer.
I’m aware its not the most glamorous thing to talk about but insuring ourselves against injury, illness and death is so important; the stats show that we have now a 1 in 2 chance of contracting cancer. Kids leukaemia claims is apparently one of the most claimed for conditions within a critical illness contract and the impact that could have on our financial status would be devastating for the rest of our lives, so for us it’s a must have. Couple this with the fact that we are encouraged to stay fit and active makes for an easy decision on where we place our insurance with.
We got our advice from an independent whole of market financial planner, Gary Stewart from Milestone Financial; he tailored our plan specific to our financial protection needs. We found it most beneficial that we could meet Gary face to face initially and he was great when we needed clarity over email subsequent to our initial meet, we would highly recommend. If not, email Gary at G.Stewart@milestonefinancial.co.uk