I am sitting here having just recovered from covid which has brought back memories, and the importance of protection. Over the years the amount of protection policies taken out has decreased rather than increased, in 2021 there were 20.4 million policies taken out, which is 30% less than in 2014 (29.3 million).*
When I started my career in the financial advice industry there were still companies selling insurance policies door to door and although I did not necessarily agree with this method, it did mean that more people were likely to consider their protection needs at this time.
I don’t think people necessarily wake up one morning and say, “I need to take out life insurance”, but at the same time we are not all going to lead a long and healthy life. So, what sort of protection do individuals need? The answer to this will of course vary considerably, but where to begin!
Covering liabilities is a good starting point, for example a mortgage. Mortgage companies usually insist that your house is insured, but do you think you would cover this if they didn’t? Surely it’s just as important to take out adequate protection cover if you have financial dependents?
There are many different types of insurance policy and many have their own quirks, so even though there are many comparison websites available today, I still feel that you can benefit from seeking professional advice to suit your individual requirements.
So if you would like to consider the protection options why not pick up the phone today and book a free, without obligation consultation.
*Source: https://www.finder.com/uk/life-insurance-statistics
Analysis conducted by finder.com