Setting the record straight with protection

Financial hardship can strike when we least expect it, showing the importance of having protection cover in place as a safety net.

A recent YouGov* survey about the pandemic revealed that nearly a third (32%) of Britons fear for their future. Payouts from life insurance, critical illness and income protection can help lessen the blow of unexpected events. Data from the Association of British Insurers shows that more than £5.7bn was paid out in protection claims in 2019.

If you are reviewing your finances to try and reduce outgoings, think twice before cancelling any existing protection policies – this could prove to be a false economy. Critical illness and income protection policies can be a lifeline if you were to lose your job or become ill for an extended period, so should certainly not be on the list of expenditure to cut.

For those of you who don’t have anything currently in place, lets set the record straight:

‘It’s too expensive’ 

Putting protection in place is far less expensive than many people imagine. We can help you find a deal that fits your budget and you can always take out additional cover later on.

‘I’m too young to need cover’ 

Protection policies aren’t just for older people. The younger and fitter you are when you take out a plan, the cheaper the premiums will be. Leave it too long and you could find yourself paying a much higher price.

‘I get cover at work so I don’t need more’ 

The amount you’re covered for might not be sufficient for your individual needs, and if you change jobs, that will change too. Plus, with your own policy, the cover can be tailored to your specific needs rather than a one-size fits all approach through your employer.

‘I don’t have kids, so it’s not relevant to me’ 

Whilst it’s true that there’s less need if you don’t have a family, how would your partner or loved ones manage if you weren’t around to contribute to the bills?

‘There’s too much choice’ 

It’s true there are lots of different types of policy, each designed to provide cover for specific risks. That’s where we can help. We can find the right type and level of cover to meet your insurance needs and your budget.

If you have any questions about existing protection policies or you are considering new ones – please get in touch.

*YouGov, 2020