Protection Policies – The financial planning you should consider

Tuesday 21 March, 2023

Deciding which are the most appropriate protection policies for your personal situation is an important element to consider for your future financial planning. Arranging appropriate protection policies for yourself, your partner and your family can provide financial peace of mind in difficult times.

Ellie Newman Insurance Broker in Cheshunt said:

“Understanding the range of insurance and protection policies available is key to each of our Protection, Insurance and Mortgage Advisers’ roles. Explaining how each protection policy relates to people’s individual personal and financial circumstances is essential when providing advice. We completely understand that not everyone is aware of the differing types of protection policies that are available. At Thomas Oliver we are here to help.”

Examples of protection policies

When asked about protection policies, often people initially think protection policies are simply about life cover or mortgage cover. However, this is not the case. There are various different policies available that provide a range of cover, it is important to understand more than just life or mortgage cover. 

It will be worth considering if you also require:

  • Income Protection – This type of protection policy pays out if you are unable to work. There are specific details that will need to be discussed to determine the most appropriate level of cover to meet your needs.   
  • Critical Illness – A critical illness policy pays out on the diagnosis of specific illnesses covered within the policy. Again, it is important to understand the nature of illnesses to be covered and the amount needed to be paid out.  
  • Accident Protection – This protection policy is designed to pay out for injuries such as broken bones, replacing or losing limbs and a possible stay in hospital. 
  • Life Cover – Life Cover policies pays out on the death of the policy holder.

It is worth noting that with some policies, the younger you are when you take out the policy, the cheaper the premiums may be. There will be policies available to older people, with some policy providers requiring a ‘medical’ prior to confirming the full policy cover. So, there is never a bad time to consider taking out a protection policy. Equally, it is important that you regularly review your existing policies to check that they meet your current financial and personal circumstances.  

Ellie Newman Insurance Broker in Cheshunt continued:

“It is vital that anyone looking to take out a protection policy, no matter what type, that they seek professional advice before signing the paperwork. It is important to have protection with a policy that meets individual requirements, budgets and savings. It is also important to check that direct family and dependants will appropriately benefit from the policy.

During our client discussions, we always factor in their overall needs. We recommend policies that are right for our clients' financial and personal circumstances. Protection policy providers have simplified the selection process by offering new flexible menu styles. This may allow you to purchase all your protection requirements with one provider, which can frequently be cheaper and more convenient. However, your adviser will check if a single insurer will provide the right levels of cover.” 

If you would like to explore the insurance and protection options available, please call 01707 87200 to arrange a fee free initial consultation. 

Approved by The Openwork Partnership on 21/03/2023

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