With this in mind, having the right level of protection in place is essential to avoid financial exposure. Once protection is in place, it’s worth reviewing it regularly to ensure you have the right cover as your circumstances change over the years. A recent survey8 reveals that just 27% of consumers are confident of the levels of protection they have in place. The results also show that people tend to overlook potential health issues, instead thinking that an early death is more likely than a serious health condition. Participants indicated that they think it’s twice as likely they will die during their working life than have an accident that could stop them from working. Financial pressures can cause huge strain. More than 50% of 18 to 35-year-olds say if their health prevented them from working, their savings or investments would last them less than three months.
Trigger points Discussing your protection requirements with us will ensure you have the correct level of cover in place for you and your family. Certain trigger points, such as getting married, having children, moving home and taking on greater financial liabilities, are great prompters to reviewing the suitability of the cover you may already have in place.
8Royal London, 2019
This material is for information purposes only and does not constitute a sales offer or financial advice. Before taking out any insurance or any other financial product, you must obtain individual advice regarding your requirements and general policy conditions. The presented information & data are valid at the time of publishing.
Source: Quilter Financial Planning – Essentially Mortgages Q1 2020