Moving beyond protection barriers

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We all know financial commitments are a fact of life. Mortgage repayments and household bills aren’t glamorous expenses, but they are unavoidable in spending our hard-earned cash. Protection insurance too should be seen as a certainty in your financial plans.

Protection barriers

Having appropriate protection in place means you and your loved ones will be covered should the worst happen. When everything is running smoothly, financial commitments can fade into the background, but unexpected life events occur all too often and unexpectedly, which is why protection insurance can provide such peace of mind.

People forget about – or maybe choose to ignore – protection insurance for a variety of reasons. Here are some of the top barriers to protection and how they can be overcome.

Cost of living

With inflation and living expenses rising, many people are having to tighten their spending reins.

Cutting back on protection, however, is not like spending less in the shops. With the right protection, you are paying for peace of mind and the certainty that you and your loved ones will not suffer financial hardship. In turbulent economic times, protection is more important than ever.

It’s important to know that protection policies can cater to all budgets, so you can find a policy with an affordable premium. For example, it is possible to choose a policy with shorter benefit periods or lower sums assured. Remember: some protection is always better than none at all!

Essential not extra

Many people see protection as an ‘add-on’ that isn’t really needed, whereas it is really a vital part of anyone’s financial planning. If you are applying for a mortgage, consideration should be given to protection insurance early on in the mortgage journey. It certainly isn’t an optional extra.

Do I need protection?

Young people, who often have fewer responsibilities and dependants, are generally less aware of the need to protect themselves. Perhaps thinking it’s only relevant to them once they’re older, own a house, and have a family.

Yet, taking out a policy at a younger age can be financially prudent. Premiums are affected by age and pre-existing health conditions, which means getting protection sooner rather than later could save you money in the long run.

Isn’t it all too complicated?

A final barrier to seeking protection insurance is an idea that it takes too much time and energy to research. Industry jargon puts some people off, while others are too busy to search for the right cover. That’s why it’s so important to have someone on your side who is committed to finding the right protection for your unique needs.

We’re here to discuss your concerns and help you find an appropriate policy.

As with all insurance policies, conditions and exclusions will apply

31 March, 2022

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