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Insurance & Protection

What is Protection?

Protection is the term we use for Life insurance that is set up to provide a financial safety net for family or business partners.

Protection insurance is designed to cushion you, your family or your business partners against the impact of unexpected, and potentially costly, events, including illness, accident, unemployment and death.

There is a wide range of products available, each serving a different purpose, from private medical cover to life insurance, income protection to critical illness cover.

Do I need protection insurance?

We all have financial responsibilities and liabilities. In the event that we suffer an event that means we are financially at risk.  A protection policy will ensure that the financial ramifications of that event are negated or reduced or delayed.

The worst that can happen is that we could die. In that event, the financial aspects of life are left to our spouse and family to deal with. In the event that there is no financial protection in place, the ramifications of having no mortgage cover and no money to replace the income that was being earned prior to death could be dire.

If you were off work for any length of time because of an accident or sickness, or if you were made redundant, there are still bills you’d need to pay, such as your rent or mortgage, gas, electricity and food.

Ideally we’d each have an emergency savings pot to see us through – a rainy day fund of six to nine months’ expenditure in an easily-accessible savings account. However, that’s just not practical for many of us. And while it may give you breathing space if you fall ill, it won’t cover you or your family for long periods off work.

You should also bear in mind that the state benefit safety net increasingly won’t pay you enough to maintain your current lifestyle.

Which protection insurance product do I need?

There is a wide range of protection insurance policies on offer, all of which protect you against different events, and with widely varying cover levels. For most people, one single protection product probably isn’t enough. For example, while life insurance will pay out if you die, it won’t cover you for long-term illness or unemployment.

Think first about what you want to protect. The next step is to investigate what cover you already have, including state benefits. Many employers will offer life insurance, either directly or through your pension scheme, so you might find you’re already covered. Many also offer employees health insurance and income protection cover.

We will be able to assess all your protection needs, help you prioritise them and get you the best deal.

Types of Protection Policy

Income Protection

In the event that you are off work for a long time, you will suffer financially and could lose your home, spend all your savings and