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The value of protection advice

Protection should be considered as the foundation of all financial planning. After all, if things go awry and you suddenly find yourself in dire financial straits, who or what could you rely on to keep you and your family afloat?

Yet many of us are still reluctant to take out protection insurance, either because we think we can’t afford it, or we believe “it won’t happen to me”. And if you’re one of the millions of people living with a medical condition, you might think you’ve no chance of finding a policy that suits you.

 The facts about ill health

4 million people in the UK are living with diabetes, 7 million with a heart condition and an estimated one in two people will be diagnosed with cancer during their lifetime, but the majority of people in all these cases won’t have protection in place.

Even if you’re in good health, a loss of income due to illness, injury or death could hit you hard – especially if you have loved ones who rely on you. So, if you don’t have protection in place, the question is, do you believe the support you’d receive from the government and / or your employer would see you through the financial impact of lost income due to ill health or the death of a partner? Or perhaps you’ll rely on your savings to pay the mortgage and bills and keep your fingers crossed you’ll be back at work before you go into overdraft?

Unfortunately, the reality according to AVIVA’s ‘Protecting our families report’ found that 76% of parents have no financial plan in the event of ill health, with slightly less (68%) unsure whether their family would cope financially with the death of either themselves or their partner. These are worrying numbers, especially when you consider these families will typically have insured their homes, pets and smart phones before thinking of insuring their most important asset – themselves.

60% of obese people, 60% of type 2 diabetes sufferers and 66% of cancer sufferers have no protection insurance in place.

We’re here to help

That’s where we come in. As members of the UK’s largest financial adviser network, we can access a panel of protection providers, including specialists that offer affordable protection policies specifically for people with ill health.

We will take the time to get to know you and understand your circumstances and objectives. We can help you set out your financial needs and find an appropriate way of protecting them, whatever your circumstances.

Please get in touch to find out more.