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The importance of protection insurance
Protecting your loved ones when they need it is one of the most responsible and financially sensible things you can do. You may not like to think about it, however planning for these events could be the difference between being able to support your family and not. There’s a bewildering variety of insurances available out there, and it’s tricky to insure against everything. The risk is that should you pick the wrong one, there’s a real danger you could find yourself underinsured or out-of-pocket should the worst happen. We work alongside protection specialists who listen to you and give you accurate, bespoke advice based on your individual circumstances to allow you to make an informed decision about the level of cover that’s right for you. This service is provided by referral to a specialist third party.
1
Life insurance
There’s one certainty to life in that one day we’ll all be gone. It’s important to think carefully how you could cope financially as well as emotionally, if you or a partner died – whether the bills can continue to be paid, and if your family can afford to remain in the home that you’re buying. Bear in mind also, the additional mental and physical stresses brought about by the grieving process on you or your spouse’s ability to keep working successfully and maintain the sole income to pay the bills going forward.
2
Critical illness insurance
We think of ourselves as invincible, but as we get older we can become more susceptible to both short and long term illness. This can impact you or your partner in varying ways from taking a few days sick leave through to being off work for extended periods, taking ill health retirement or becoming a full time carer for your partner. Critical illness cover is an insurance policy that helps protect you if you become critically ill during the policy term. It pays out a tax-free lump sum that you can use however you like – whether that’s to help cover health-related costs, monthly expenses, or lost income while you get better. Availability of cover is subject to availability, age, health and other relevant criteria.
3
Income protection insurance
It has been reported that 54% of households would
struggle to manage if the main
earner was unable to work for
six months due to illness (source Mintel research report, Critical Illness Cover UK, March 2020). Income protection insurance is designed to give you some cover if you can’t earn an income for those reasons. If something happened to you would you be able to survive on savings, or on sick pay from work? If not, you’ll need some other way to keep paying the bills and you might want to consider income protection insurance.