Would you insure a cash printing machine?

Quick post while waiting for Her Majesty’s Revenue and Customs to call me back.

I’ve just opened a letter from First Direct Bank.  “If you had a cash machine that was guaranteed to print money over the next 25 years would you insure it?”  This is a sales pitch I first heard heard over 15 years ago, but it’s still in use today.

Their point is that you are that cash machine!  Every month you go to work and make money to support your family.  The point is that you should insure that money-making machine to make sure that if you die or fall ill, your family can get the money from the insurance policy instead.

I’m not a big fan of ‘clever’ sales pitches like that, they seem a bit immature.  I’m usually dealing with an existing client or one who has been recommended by an existing client so I have their attention already.  But it does make a good point.

In addition to my computer business, I have been a Financial Adviser since 1990. The rules about advertising financial services are very strict and, frankly, too much hassle to get to grips with. That’s why I don’t promote my financial services business here. If you do require financial advice though, please contact me.