When do I need protection or insurance?
Having a plan for your money is one of the best and most empowering things you can do for your future.
Usually people focus on pensions, investments and the things they have control over. But one important part that’s often overlooked is protection.
It’s not the most pleasant or fun thing to think about, but sometimes the worst case scenario can happen.
We don’t like to think about being seriously ill or passing away in the foreseeable future. But if this did happen, where would this leave you from a financial point of view? How would this impact your lifestyle and family?
By putting some kind of protection like insurance in place, we can make sure that we and our loved ones are looked after. Protection can help lessen the impact of a lack of income from illness or death.
It helps give you the peace of mind that if the worst were to happen, you and your family won’t have to struggle and their needs will be met. This is especially true if you have large financial commitments like a mortgage.
If you already have insurance, you might need to review it if your circumstances change. For example if you move home, get married or start a family.