Analyse your life

Take a moment to look at how you live your life. It is not only about getting up for work everyday and then heading home to bed – we do a lot more with our lives. We like to socialise with friends and family, holidays are considered an essential fixture of the year, and many of us want to make sure we are seen in a good car. Analyse your life and the sort of things that you like to do.

Now comes the interesting part of this exercise: add up how much all of this life-style costs you every month. Make sure it is fully itemised and listed in order of importance to you. While you are completing this, just make sure you are imagining in your head how it feels when you are achieving all of this and the prestige you get from it.

 

Once you have completed this exercise, imagine you are being called into your boss’s office and being told that you are being made redundant. You go home and realise life is going to have to change forever. Now go through your itemised lifestyle and cross out everything you would not be able to afford on a severely reduced income.

How does it feel? What does your lifestyle now look like? What has happened to your prestige? Now imagine that you are opening a folder containing your income protection insurance details and realising that you can make a claim.  You are now aware that your life does not have to change as drastically as you first thought. Go through that list now and add in some of your favourite things about life. There is a strong chance that income protection could protect your way of life if the rainy days came.

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