Most of us insure our homes, our cars, and our holidays without a second thought – but take a moment to think about yourself and your family. Have you considered how you – or they – would cope if the worst were to happen?
Protection – in the form of private medical insurance, life cover, critical illness cover or income protection – is an important issue that a majority of people don’t really think about.
In fact, according to the Association of British Insurers1 , of the 26.6 million households in the UK in 2017, 19.6 million had contents insurance and 20.1 million had motor insurance, but only 5.3 million households had whole-of-life insurance and a mere 0.3 million had income protection.
For many people, their first consideration might be life cover which may be a priority when you buy your first home, get married or have children. Life cover can help your dependents cope if you’re no longer around; to help them with mortgage payments, childcare costs, or even the costs of arranging a funeral.
No-one likes to think about it, but the likelihood of being seriously ill or unable to work is much higher than the chance of passing away unexpectedly. Whilst life cover is an important piece of protection for you and your family, it is equally important to consider how you would cover your regular expenses if you were unable to work.
Income Protection policies are designed to pay a regular income for as long as you are unable to work and Critical Illness Cover may be able to support you by providing a lump sum if you are diagnosed with a life changing illness.
Your needs will be unique, and there are thousands of protection products available in the UK, so searching online for the cheapest premium does not always deliver the best outcome. Aspect8 has experts on hand to help you find the most appropriate cover for your lifestyle and family. This can involve looking at a variety of options, including:
To find out more about these, get in touch with your adviser, who will be able to guide you through your options.
Insurance can be a complex field to navigate, with thousands of providers, policies and premiums available. And protection is just one part of an overall financial plan. Aspect8 will work with you to work out a plan B, so you can keep looking after plan A.
Aspect8 is a multi-award winning Chartered Financial Planning firm, the gold standard in financial advice.
We’ve been helping people like you to achieve their goals since 1993. Our style is honest and plain-spoken; because that way we all know where we stand. And we focus on results; because that is how we expect to be judged. To help you make the right financial choices at every stage of your life we’ve built a team of expert advisers with specialist knowledge and complementary expertise, to guide you wherever you are on your journey.
The guidance and/or advice contained within this website are subject to the UK regulatory regime, and are therefore targeted at consumers based in the UK. Aspect8 Ltd is a chartered member of Best Practice IFA Group Ltd which is authorised and regulated by the Financial Conduct Authority.