Protection is all about ensuring you and your family is covered when the worst happens.
Most people insure things such as their cars, houses or even pets, but do not insure their own lives or health. What would happen to your family in the event of your death or suffered a critical illness such as cancer, could they survive?
Protection covers a range of policies that can cover you in all sorts of events.
*Of poorer backgrounds as at 15-01-2018 **1 in 2 people born after 1960 will be diagnosed with some form of cancer in their lifetime.
If you are the sole breadwinner in your family, how would your partner cope in the event of your death, could they continue to pay the mortgage and bills.
If you were to be diagnosed with cancer, could you afford to take a year off work to receive treatment and recover?
There are many different situations where ill health and death could be disaster for families. Insuring against these situations means that, if the worst happens, you at least would not need to worry about money.
How much does it cost
This depends on a number of factors. Life assurance is generally more affordable as people are generally living much longer. Critical Illness cover is more expensive as there is a much higher likelihood of you suffering a critical illness in your lifetime.
However, overall cost is also determined by how much cover you have, your age, and the benefits received.
Why have Financial Advice on Protection
When looking at protection there are many things to consider, how much cover to take, over what time periods, which provider to use and what policies are required.
Taking advice on this selection can help you cover what you need at the lowest cost possible. Some providers are far more expensive for the same level of cover, so is important to shop around.