Remember the Allied Dunbar TV campaign shown around ten years ago “There may be trouble ahead?” The campaign used a series of family situations where people have to re-plan their lives because something unexpected happens. “Let’s face the music and dance“.
A decade later, it appears that far too many people are still not protecting their incomes and standard of living, should the unexpected happen. A recent study by insurance firm Legal & General has revealed some concerning statistics surrounding protection cover in the UK. According to a recent report by This Is Money, a third of parents in Britain – equating to almost a million families – have not even discussed the possibility of what they would do if a serious illness prevented them from working. And so, whilst 1.5 million brought life insurance last year, only a third purchased the equally vital yet often neglected counterpart – critical illness cover. This is despite the fact that each year 318,000 people are diagnosed with cancer, 103,000 suffer heart attacks and 150,000 are the victims of a stroke.
Yet there are other types of protection policies, too, which are equally paramount to minimising the risks of everyday life. These include life assurance, income protection, private medical cover and long-term care insurance.
Many may wrongly rely on state benefits, if the worst were to occur, but even after passing the certain eligibility requirements which would unlock certain government-funded compensations, these are unlikely to provide enough to live on. More importantly, with policies ranging from basic to comprehensive plans, there are different levels of protection depending on your available income, so you need not solely rely on limited publically-funded help which may, or may not, fulfill your financial needs.
That is where Cedar House Financial Services come in to the equation. Independent experts in providing a wide range of protection policies, we work with leading insurance providers such as Legal & General, Prudential, Bright Grey and Aegon to ensure you receive the best cover for your needs.
We will advise you on the best Personal Income Protection policy which will cover your loss of earnings if you find yourself unable to work due to accident or sickness, ensure you receive a tax-free lump sum if the unthinkable were to happen and a critical illness were to strike – enabling you to repay a mortgage or fund personal expenditure – and help provide a plan to cover some or all of the cost of any long-term care you might need in the future.
Many of these policies are now widely available online and it may seem easier to take up one of the multitudes of service providers offering you cover via a few clicks, but with the variations, add-ons and exclusions which are part and parcel of any insurance plan, we believe it essential to seek advice and talk to independent advisers before making any long-term financial commitments.
You and your loved ones’ futures depend on it.
For further details on Protection and other Financial Planning solutions, please contact Lloyd Kafton on 020 8366 4400 or email lloyd.kafton@cedarhfs.co.uk.