Protection insurance policies offer both peace of mind and a financial safety net in case of illness, injury, or death.
Whether you’re single, in a relationship, have dependent children, or none at all, you’re likely to benefit from some form of protection insurance.
If you already have coverage, that’s great—but does it still meet your current needs? It’s important to review your insurance periodically, especially after significant life changes such as marriage, starting a family, moving, a relationship breakdown, or a new job. These events may affect the level of coverage you require.
Your adviser is best equipped to help you find the right coverage for your situation.
To better understand your options, take a look at this brief guide to protection insurance.
Life insurance is the most common form of insurance. It provides either a lump sum or a regular income to support your dependents in the event of your death.
The most affordable option is a ‘term assurance’ policy, where you select the coverage duration. This could last until your children are financially independent or be aligned with your mortgage term to ensure it’s paid off if something happens to you.
Another key option is ‘whole of life’ insurance, which offers lifelong coverage without an end date, making it ideal for covering funeral expenses, for example. Your adviser can guide you in choosing the best option for your needs.
Is life insurance right for me?
Consider life insurance if:
- You have a partner or dependents and want to ensure their financial security if you pass away.
- You want to make sure your mortgage is paid off if you die before the mortgage term ends.
- You want to ensure your partner or dependents can still pay rent if you die.
- You want to ensure your funeral expenses are covered.
Additional benefits
Many protection insurance policies now come with extra features and benefits to enhance coverage. Some are part of the policy itself, while others are additional perks available even if no claim is made. These benefits may include:
- Health MOTs
- 24/7 remote GP access
- Retail discounts
- Gym and fitness device discounts
- Physiotherapy services
- Counselling and bereavement support
- Legal helplines
- Second medical opinion services
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