Look beyond the price of your protection policy

Most of us celebrate the start of life and pay tribute to the end of life, but are we placing enough importance on everything in between?

If we’re lucky we’ll enjoy certain life events like finding a lifelong partner, marriage / civil partnership, having children, enjoying a career and, ultimately, retiring. But how many of us take out financial protection in the event our plans go awry?

Clearly life isn’t always plain sailing and we will face obstacles and challenges to overcome. When these challenges are more serious, for instance if accident, illness or death strike, protection insurance can help provide a safety net.

1) It should form the foundation of most people’s financial plan.

2) Cover should be reviewed regularly to make sure it continues to meet your needs.

The second principle is particularly important when you’re at a particular ‘life’ stage. Whether that’s buying a house, getting married, starting a family, setting up in business, or all the above, protection insurance will help to protect your loved ones and your financial responsibilities.

But it’s important to look beyond the headlines when taking out protection insurance as many providers will offer added-value benefits beyond an initial pay out, that can really help you adapt and cope to potentially life-changing circumstances.

These additional benefits could be anything from access to expert medical opinion, rehabilitation to get you back to work as quickly as possible, bereavement counselling, or even global treatment.

When using comparison sites and direct insurers, care should be taken to make sure their ‘off-the-peg’ solutions meet your specific needs. Using our expert product knowledge, we can help find the right solution with the right value-added benefits for you.

For more information or to discuss a protection shortfall or protection insurance policy, please get in touch.

Disclaimer: Content used with permission of 2Plan (Newsletter Issue 34)

Author: Simon Claxton | June 16, 2020

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