What is Personal Protection Planning?
A personal protection plan is a tailored package of insurances that ensures you and your loved ones are supported should the worst ever happen. This includes Income Protection Insurance, Life Insurance, and Critical Illness Cover.
Protection planning has always been important, but never more so than after a year like 2020. Protection planning lets you secure your health and your wealth against unforeseen events; allowing you to fully enjoy your life, with worrying about what is around the corner.
Shockingly, only 3 in 10 UK adults actually have a protection plan in place. That means 70% of UK adults have no protection plan and are wide open to potentially devastating impacts to their physical and financial wellbeing. It’s a big group. But not one you want to risk being part of.
Protection Planning in a Post-Covid World
At Lomond Wealth, one of the focus areas for our firm in 2021 is to help as many of our existing and new clients as possible to protect their financial wellbeing against unforeseen events. If Covid has taught us anything, it’s that you have to expect the unexpected. You shouldn’t waste another moment putting off getting your own personal protection plan.
Taking the Covid-19 pandemic as context, here are just a few ways a personal protection plan can ensure you and your loved ones are supported no matter what comes around the corner.
Income Protection
Income protection covers your income (or a portion of it) if you are ever too ill to work. Or, for some policies, even where you are made redundant. For UK families where a working adult lost their job or became ill due to Covid-19, up to 70% of those families suddenly found themselves having to cope with a reduced income, or even no income at all. For many, this would have eaten into their savings. But since 1 in 8 UK adults have no savings to fall back on anyway, those families will have found it even harder to cope. Even surviving these circumstances has a lasting effect, like setting back plans for retirement and extending your overall working age.
Why Get Income Protection Advice?
In some ways, income protection is similar to the current furlough scheme, usually covering up to 60% of your income, but with one key difference… Income protection is not “unprecedented”, so it will be there for you in the future. By having a personal protection plan that includes Income Protection, you know that you and your loved ones will be supported in difficult times; such as if you are injured or too ill to work. Knowing what’s covered and for how long can be murky territory. But with help finding the right policy Income Protection can even cover your income on a long-term basis. This lets you get back on your feet without rushing your recovery.
Life Insurance
Life insurance forms another vital pillar of your protection plan. 60% of UK adults have no life insurance cover. That means, for 6 out of 10 adults who tragically did not recover from Covid-19 during this pandemic, their families did not receive an insurance payout. Funeral costs would be paid from their own savings, and there would be no payout to help them cope financially if the loved one they lost was an income earner for the household.
Why Get Life Insurance Advice?
Mostly so you don’t need to deal with it alone, but also to ensure you cover yourself for the full amount your loved ones will need when you pass, without accidentally overpaying. Life Insurance is not a pleasant thing to think about, but it’s pretty much the only insurance that is guaranteed to be needed. Don’t be one of the 60% who put it off. We can help you build a protection plan that includes the right value of life insurance so that you never need think about it again. Just get on with enjoy life knowing your loved ones will be looked after whatever happens.
Critical Illness Cover
Critical Illness Cover provides a lump sum pay out in the event of a serious diagnosis. It doesn’t need to be a terminal diagnosis, or even a fatal disease. If you become seriously ill, you should put all of your energy into becoming well again. A critical illness pay out will let you take time off work to focus on your recovery and could even help remove other stresses, like clearing the mortgage. However you spend it, a Critical Illness Cover pay out can come as a huge relief at a time when you need it most.
Why Get Critical Illness Cover Advice?
There is a wide range of Critical Illness Cover out there and it can literally pay off to seek guidance from a protection planning advisor. Some policies include more illnesses than others and choosing one can be made even more tricky if you have pre-existing conditions. Also, now Covid is known to the world, policies will be updating again. At Lomond Wealth, we’ll make sure you know exactly what you are covered for.
Your Personal Protection Plan
If you are one of the 70% of UK adults without a protection plan, don’t leave yourself and your loved ones financially defenceless. As with all our services, we will talk to you in detail about your lifestyle and tailor a protection plan that will protect your financial wellbeing. Don’t leave it any longer. You don’t know what tomorrow will bring.
Talk to us today about how personal protection planning will let you and your loved ones enjoy each day with total peace of mind.
