Covid-19 has revolutionised the UK’s perspective on insurance and protection planning. More and more people across the country are opening their eyes to how vulnerable their income and lifestyle is to the never-ending roulette of national and global events. Here’s why attitudes of people in Britain are changing, and 3 ways to insure your lifestyle to make sure you and your loved ones are protected.
Shifting UK Perceptions of Protection Planning
Over 50% of those aged 25-40 have reported that the pandemic had made them more aware of the need for insurance. Many of whom may never have had a policy before. Even if you already have insurance, the world, our lives, and the insurance market change over time – especially after a global event like Covid-19.
In the past, protection planning and insurance would bring two words to mind. Boring and expensive. But over 40% of people reported to have changed their perception about insurance due to Covid-19. With the right combination of insurances, Briton’s are now accessing personalised insurance packages that protect the things they cannot afford to lose, for an affordable price.
Here are 3 ways to make sure you are properly protected (even if you already have a protection plan in place).
1) Don’t Overpay or Under Protect
Insurance can be overwhelming, and it is tempting to jump on a price comparison website and get it all over with in a couple of clicks. But does that policy really cover your life as you live it? The cheapest policy might not cost you much, but it will only cover the bare minimum. And even if you choose a “premium” insurance product that promises the cover you need, it might not pay out when you need it to.
Our protection planning service might take longer than online. But that is time invested in identifying the cover you really need and nothing more. We make sure you are never overpaying or under protected. And because we know the insurance market inside out, we can tell you who has the best records for paying out on policies should the time come to make a claim.
2) Review Your Protection Plan Regularly
Protection is not permanent. It’s easy for your life to outgrow your insurance with time. Maybe you moved to a bigger house. Will your old life insurance pay off the new mortgage for your family? Maybe your income has increased over the years. Does your payment protection stretch to your new salary? It’s not fun and it’s easy to ignore, until the day you need it and it’s not enough. That’s when insurance really isn’t fun.
At Lomond Wealth, we advise reviewing your protection plan every 5 years. Don’t worry. A review is far quicker than making a plan from scratch and it ensures your policy grows with your lifestyle, so you always have peace of mind.
3) ‘Trust’ Your Life Insurance
Life insurance is one type of insurance that usually pays out without any dispute. In some cases, causing your own death in a way that violates your policy could change that. But usually, if you’ve passed away it’s paying out.
That said. The time taken to pay out can drag on and none of us want to place a financial burden on our grieving loved ones. At Lomond Wealth, we can help you to set up trusts that will ensure life insurance proceeds are paid out within 30 days of making a claim. So your loved ones get the support they need as quickly as possible.
Get a Personalised Protection Plan for Peace of Mind
Our friendly protection planning and insurance experts will help you find the perfect combination of Life Insurance, Critical Illness Cover, Health Insurance, Income Protection, and Accident, Sickness and Unemployment Cover. Chat to our team today.