Life protection and insurance – The unexpected can happen

When your family is in reasonable health, you and your partner both have good jobs, your mortgage is being paid off and you are even managing to save every month, you have every reason to congratulate yourself. You may even have a couple of life policies, or a workplace death-in-service scheme that makes you think you have every worst-case scenario covered.

But have you ever really checked that it is enough? Have you even discussed the repercussions of serious illness or death with your partner? Have you thought about the impact of losing your job or simply moving to a new job? While times are good it is difficult to imagine that this might not always be the case and it’s hard to make life insurance a priority as you would prioritise travel insurance when going on holiday. 

Reasons not to address the issue of life protection and insurance include a disinclination to talk about death or a life-changing condition, a lack of understanding of this sort of insurance, a feeling that you won’t personally benefit, you can’t afford it or that you already have sufficient savings.

The sad reality is that bad things can happen and illness or redundancy might mean that mortgage payments become a problem or the long-term care for a member of your family quickly erodes your savings. 

Getting professional advice from someone who can see the big picture is a good idea. While you may be able to do your own research and buy a policy online at an attractive rate, it is hard to know if this is going to be enough and if you have covered all eventualities. At Lighthouse we have a team of protection and insurance advisers who can help you with this. We can introduce you to an expert who will assess your current situation, discuss your future goals and point out the implications of events such as a critical illness and how it could affect your ability to look after your family. They will review your finances and then suggest affordable and appropriate protection options.

We know it isn’t much fun as a topic for discussion, but consider the peace of mind you will have from knowing that you have safeguards in place should the worst happen and appreciating that you can afford to manage it.

Important Information: Some protection products, such as Whole of Life or Long-Term Care, may include an investment element. The value of your investments can go down as well as up, so you could get back less than you invested.

Find out more about our protection and insurance products here or call 0800 085 8590 to book a complimentary initial consultation.