Financial Protection

No one wants to think about death or illness, but having financial protection in place can be a valuable safety net for you or your family. Financial protection refers to the range of insurance policies which pay out under specific circumstances, usually out of your control, such as becoming critically ill or involved in an accident.

When it comes to financial planning for the future, financial protection is often overlooked. However, financial protection should be one of the most important parts of your portfolio and financial plan.

Considering ‘what if’ is a vital part of financial planning, to ensure financial security and protection against unforeseen life changing circumstances or events. People often don’t consider what would happen if their income suddenly changed or stopped, which puts them at a greater risk financially in the future.

Unfortunately, if the main breadwinner in your life or family dies or becomes critically ill, there may not be Government support to help financially. You may receive benefits, however in most cases, this is not enough to live off long-term. Therefore, it is highly recommended and important to put money into financial protection, so you are in control of your own finances and are not reliant on third-party sources of income.

Ask yourself hard questions such as ‘could your family or loved ones cope financially without your income?’ and ‘what would happen if you were in a position where you had to stop working?’. Getting financial protection can provide you with peace of mind that you have something to fall back on if needs be.

Financial protection supplies you with a safety net, that if a difficult time occurs, you don’t have to worry about paying for essentials like rent or mortgage and bills. Focus on what is important and put your health and your family first.

There are various forms of financial protection, and we have expert, independent knowledge in all areas to help you find the right products or plans for you. The three most common types of financial protection are:

Income protection provides you with a regular and reliable income, should you be unable to work for an extended period of time due to short-term illness or an accident. The payments can be monthly, and are usually around 50-60% of your usual gross income. The payments will cover you until you are well enough to return to work or retire.

Find out more about income protection here.

Critical illness cover can provide you with an income, usually in a lump sum, if you have been diagnosed with a critical illness. The diagnosis must be of a specific illness from a pre-agreed list that the policy covers, and some are more comprehensive than others. The lump-sum can be used how you wish. Common reasons to make a critical illness claim include the diagnosis of cancer, stroke, heart attack, loss of limbs and multiple sclerosis.

Find out more about critical illness.

Life insurance cover is a type of financial protection which pays out a lump sum in the case of your death. This can be particularly important to consider if you are the main breadwinner or have dependents, as it can cover debts and provide financial support and relief to loved ones at a difficult time.

Find out more about life cover insurance.