One of the perks of being a financial scribbler is being inundated with all manner of press releases every day, from the money staples of house prices and credit card spending to the slightly more off the wall.
How much men spend on engagement rings depending on the region of the UK they live in was a particular favourite, although as a man who has yet to get down on one knee the size of the figures did unsettle me slightly.
But I digress. One of the safest bets for a daily update is from a corner of the insurance market.
The tale is a familiar one; in the midst of an economic crisis that is cutting many families – especially those hit by cuts to the public sector – to the bone, many people are weighing up their finances and pinpointing their insurance policies as an outlay they can live without.
Whether it be house insurance or critical illness cover, people are either jacking in their agreements or continuing to ignore the options entirely.
If there was ever a case of false economy then this is surely it.
The stories of homes that are underinsured are concerning, and the tales of increasing numbers of uninsured drivers not only putting their own vehicles at risk but those belonging to others are enough to take the blood pressure up a notch or two.
But it is the large scale neglect of insurance cover that could really make the difference were something grave to happen that rankles the most.
It is thought that almost nine in ten of us have no critical illness cover, with the same number having decided not to bother with income protection.
It means that the overwhelming majority of us are playing a dangerous game with fate.
Would you be able to keep up the payments on your home if you lost your job? Do you provide financially for your family? Do you have a history of illness in your family?
These are just a few examples of questions that people should be asking themselves and should they answer yes to any, then there can be little excuse not to have the relevant cover.
With insurance there will always be the issue of affordability, but policies that would provide income if you fell ill, lost your job or, in the worst case scenario, passed away start from just a one digit figure a month.
If your monthly salary suddenly fell by £11 a month, could you find a way to continue to make ends meet?
Because without wanting to sound like a preacher or, indeed, an insurance broker, parents without life cover, critical illness insurance or income protection could be putting the future of their children in jeopardy for the sake of such a figure.
As a recent Moneyfacts.co.uk guide recently said, the only people that don’t really need a specialist policy are those that have paid off the mortgage and whose spouse or partner is capable of living comfortably without your income.
If that’s you then apologies (and congratulations). If it isn’t then now might be the time to find the right cover.
Your family might just thank you for it one day.
