Despite the potential consequences, many people in the UK still do not have suitable personal insurance protection in place. If this is you, now may be the time to reconsider.
Introduction
In the UK, there is a growing problem; as a nation, we are not taking the appropriate steps to protect ourselves against unforseen risks – such as a loss of income, long-term illness, or an unexpected death. In short, we are underinsured.
Recent research has illustrated that much of the population are closer to the breadline than they might think, with a report from Legal & General finding the average UK household is just 19 days away – much closer than the 60 days they believe.
Furthermore, the same report highlights that as a population we are much more likely to insure our house, contents, and pets, than we are to insure against an unexpected illness or death.
Why is this?
Many people have misinformed views of personal insurance protection:
- “Nothing bad will happen to me.”
- “I can worry about that later.”
- “Personal insurance protection is expensive.”
- “I can rely on my savings.”
- “My family can support me.”
- “I can rely on my employer.”
- “The state will take care of me.”
However, many of these are simply misconceptions and, in truth, your financial security is at risk if you have not put in place suitable personal insurance protection.
The important thing to consider is how would you and/or your dependants cope with the sudden loss of your income?
What is personal insurance protection?
Personal insurance protection policies are forms of insurance intended to help you plan against the unexpected.
They act as a safety net, and form part of your wider financial plan as a contingency, ensuring you and/or your dependents are financially secure in the event of an unexpected loss of income.
For example:
- an injury;
- a long-term illness; or
- your death.
There are many solutions available, each designed for different people and circumstances. The solutions you choose should reflect your personal circumstances and what you want to protect.
Read our guide for more information.
How can we help you?
If you would like assistance with personal insurance protection, or if you wish to arrange an initial no cost, no obligation, consultation, then please fill out the contact form below. Alternatively, you can call 01603 706 820 or email info@lffp.co.uk.
Important information
This article is solely for informational purposes and nothing in it is intended to constitute advice or a recommendation.
The personal insurance protection products discussed in this article (with the exception of some Whole of Life policies) are not savings or investment products and have no cash value unless a valid claim is made. The tax treatment of any policy may depend on your individual circumstances and may be subject to future change.
While considerable care has been taken to ensure this information is accurate and up-to-date, no warranty is given as to its accuracy. This article constitutes a financial promotion.
