While most of us don’t go through life expecting something bad to happen, the truth is that we never know what’s around the corner. Why not make 2020 the
year you put plans in place to safeguard yourself, your family and your home, so that you know you’re protected against life’s unexpected events?
When to take out protection cover
Most people look into buying a Life Insurance, Critical Illness or Income Protection policy following a significant life event: buying a home, getting married or having children.
Before taking out a policy, however, be sure to check if any protection cover is included in your workplace benefits, as your employer may already be providing cover.
Review your policies regularly
If you don’t review and update your policies on a regular basis, you could find yourself underinsured. If you upsize and your mortgage increases, for example, your current policy might not pay out enough to cover your new monthly repayment. In fact, a huge 73% of people aren’t sure they have the right level of protection cover. By ensuring you regularly review your cover, you can make sure you’re not in this situation.
Reduce stress, both now and in the future
Do you worry about your income and how you and your family would cope if anything happened to you? Are you ever concerned that you might struggle to keep a roof over your head? One way to rid yourself of these niggling worries is to take out protection cover. With only 44% of 18 to 35-year-olds saying they could cope for more than three months on their savings if they lost their income due to illness or injury, it’s more essential than ever to plan for these eventualities.
It’s not just about life insurance
Protection cover isn’t just there to pay out to your family when you die. You can also take out serious or critical illness cover, as well as policies that pay out if you get injured or made redundant. With rent or a mortgage, household bills and other expenses, imagine how much stress could be alleviated if you have a steady income from an insurance policy while you’re unable to work.
It won’t happen to me…
This is an assumption many of us are guilty of making; however, latest government figures for 2018 show that one in twenty-five employed people had a spell of long-term sickness absence. It might not happen to you – but if it does, having cover could make the world of difference.
Short form blog / key takeaways
Most of us don’t go through life expecting the worst, but bad things can happen. It’s a good idea to get a handle on your protection needs this year.
The majority of people aren’t sure if they have adequate protection cover, but by regularly reviewing your needs and taking professional financial advice, you can rest assured that your family will be covered if they no longer had your income.
- 73% of people aren’t sure they have the right level of protection cover.
- Only 50% of 18 to 35-year-olds could cope for more than 3 months on their savings.
- In 2018, 1 in 25 employed people had a spell of long-term sickness absence.
- Reviewing protection needs regularly is important
We can explain the different types of cover and make sure you have the right level of protection – just get in touch.