In 1912, when the ‘unsinkable’ Titanic hit an iceberg and sank, accident and life insurance companies lost almost $3.5m, with the tragic accident leading to some of the largest insurance payouts ever.
Of all those who perished, Herbert F. Chaffee of North Dakota held the largest life insurance policy. His beneficiaries received $146,750, equivalent to around $3.9m today.
Recent events have taught us that life insurance is just as important in 2020 as it was over a hundred years ago. The pandemic has led to the loss of more than 40,000 lives in the UK and over 890,000 globally. Many grieving families have been left financially devastated.
Life insurance is often cheaper than many people think and ensures your dependants will be financially secure should the worst happen. It’s not worth leaving your family’s future to chance.
A pension is a long-term investment. The fund value may fluctuate and can go down. Your eventual income may depend on the size of the fund at retirement, future interest rates and tax legislation. The value of investments and income from them may go down. You may not get back the original amount invested.