Yet the more day to day protection commonly held by us all in the form of either home, car or pet insurance, provide a key role in reducing potential expense and occurrences, given these are more at the forefront of our minds. The approach and mindset of thinking that you won’t need cover for yourself or that you will be able to use amenities such as the NHS for treatments, means that we often overlook the bigger picture in covering ourselves, forgetting any potential financial impact this may have.
One thing in life that is a given, is that we will not live forever. Should this event be unexpected, the after-effect on our loved ones could not just be emotional but financial. These financial costs could either be directly incurred for treatments required or indirectly through a loss of income and an increased burden to cover all necessary expenses. These considerations will also be relevant in the event you were to fall ill or be injured, with alternative direct costs needing to be accounted for should adjustments be required to your home or welfare, to maintain your daily living needs. With illness or injury also having the potential to prevent you from working, this could again incur indirect costs to your household due to a loss of income.
The different personal protection products available can benefit both yourself and your loved ones, depending on the cover selected. They can pay out a regular income to cover the cost of care and/or lost earnings, whilst a lump sum payment can also be paid out to remove any liabilities and ongoing expenses, such as a mortgage. In all circumstances, protection products can ease the financial burden on loved ones to cover costs either during your lifetime or after you have passed away.
There is an array of different products available for different protection scenarios, and it can be difficult to see not what only is suitable for you and your loved ones, but also whether the premiums and sums assured values are competitive and good value. This is where the benefit of an independent financial adviser would come into play. A good financial adviser would look at your individual circumstances holistically and recommend a suitable solution, taking into consideration pre-existing liabilities and budgetary constraints.
If you would like to discuss any form of life insurance, including Income Protection, Critical Illness, and Whole of Life, please contact us and to speak to a trusted adviser.