As part of your new year resolutions for 2020, don’t overlook the importance of having the most suitable protection plans in place to protect yourself, your family, your valuables and your home, in case an unexpected event should happen.
Your protection needs will change as you reach different stages in life, such as getting married, having children or buying a home. You also need to take into account any protection policies you might have through workplace schemes, as you might find that your workplace benefits already include some income protection, private medical insurance or other protection cover.
Once protection is in place, it should be reviewed regularly to ensure you have the most suitable cover as your circumstances change over the years. A 2019 survey8 reveals that just 27% of consumers are confident that the protection policies they have in place are suitable for their needs.
Perceptions can be wrong
The survey also found that people’s perception of certain events happening is often wrong. For example, people tend to overlook potential health issues, instead thinking that an early death is more likely than a serious health condition. Participants to the survey also believed they were twice as likely to die during their working life than have an accident that could stop them from working.
Peace of mind
Financial pressures caused by unexpected events can cause huge strain. If you had to stop working, how would you keep a roof over your head? More than 50%8 of 18 to 35- year- olds say they would cope for less than three months on their savings or investments, if they couldn’t work due to illness or injury.
Insurance cover isn’t just about a pay out when you die. It can also give you peace of mind in knowing that you would be able to cope financially if you were ill, have an accident, lose valued possession or suffer damage to your home.
We can help
We can review your existing plans, help you understand your risks throughout life and arrange the most suitable products and level of cover, all within your budget. Get in touch to see how we can help.