Personal Protection

Do I need Protection?

Most people are pre disposed to taking out insurance products to protect their homes, cars and even pets but often forget to protect their most important asset, themselves!

For the majority of people, taking out a mortgage and purchasing a property is the largest financial commitment they will ever make. It is absolutely essential that you protect yourself and / or your family in the event that things go wrong. Equally if other people are relying on you then you also need to consider the implications if you were unable to provide for them and think about putting protection insurance in place.

We can help you select the right insurance product and amount of cover to suit your personal situation. A key point to remember is that any amount of financial protection is better than none at all.

The following will be a little depressing to read but it is much better to seriously think about these things now and be prepared, rather than just pretend and hope that these things may never happen.

Personal Protection Insurance comes in many different types. The main things you need to consider are:

What if I die?
What if I suffer from a critical illness?
What if I am unable to work due to accident or sickness?
What if I lose my job?

The first consideration is to clarify what you want the insurance to protect. If you simply want to cover your mortgage in the event of your death then an amount equal to the outstanding mortgage debt can achieve that.

However, if you want to prevent your family from being financially disadvantaged by your death or illness, and provide enough money to support their/your current lifestyle, then there are a few more variables you should consider.

What are your family expenses and how would they change if you died?

How much would outgoings increase on things like childcare if you or your partner were to die or suffer a serious illness?

How much would the family income drop if you or your partner were to die or suffer a serious illness?

How much cover do you get from your employer and for how long?

What insurance policies do you have already and how far do they go to meeting your needs?

How far will your savings go?

What state benefits are there that could give extra support to meet your family´s needs?

How would inflation affect the amount of your cover over time?