Financial hardship can strike when we least expect it, showing the importance of having protection cover in place as a safety net.
A recent YouGov1 survey about the pandemic revealed that nearly a third (32%) of Britons fear for their future. Payouts from life insurance, critical illness and income protection can help lessen the blow of unexpected events. Data from the Association of British Insurers shows that more than £5.7bn was paid out in protection claims in 2019.
If you are reviewing your finances to try and reduce outgoings, think twice before cancelling any existing protection policies – this could prove to be a false economy. Critical illness and income protection policies can be a lifeline if you were to lose your job or become ill for an extended period, so should certainly not be on the list of expenditure to cut.
Rest assured we are here to help. If you have any questions about existing protection policies or you are considering new ones – please get in touch, we can help ensure your protection needs are covered.