Recent events have brought home the fact that life is full of surprises and not all of them good, reminding us that having the right level of protection in place is essential. And even with protection in place, it’s really worth reviewing it regularly as your circumstances change over the years.
A recent survey1 revealed that just 27% of consumers are confident of the levels of protection they have in place. The results also show that people tend to overlook potential health issues, instead thinking that an early death is more likely than a serious health condition.
Participants indicated that they think it’s twice as likely they will die during their working life than have an accident or illness that could stop them from working. The resulting financial pressures can cause huge strain. More than 50% of 18 to 35-year-olds believe that if their health prevented them from working, their savings and investments would last them less than three months.
Trigger points, such as getting married, having children, moving home and taking on greater financial liability, are great prompters to reviewing the suitability of the cover you may already have in place.
Discussing your protection requirements with your financial adviser will ensure you have the correct level of cover in place for you and your family.
1Royal London, 2019