Growing appetite for protection policies

Protecting family lifestyles and business investments is becoming more common. As people plan more for the future, they are also arranging more protection policies as health consciousness increases.

Protection insurance covers many products. It provides a valuable safety net. It covers you, your business and your family if you become ill or – worse case – you die.

That always sounds dramatic. However, increasing numbers of people are appreciating the benefits of putting financial protection policies in place.

After years of saving and investing, it would be foolish to hope that things will always play out as planned. Unfortunately, life is rarely straightforward. There are many twists and turns waiting to test us.

The uptake of protection policies has increased

With information more readily available, more protection polices are being arranged. Whether that’s for Life insurance, critical illness, income protection, medical insurance or death-in-service cover, the aim is the same. They all protect what you have worked hard for.

There has been significant growth in the uptake of protection policies in the first half of 2018. The biggest winner is Life Insurance, as highlighted in a report by Financial technology business IRESS.

Between January and June 2018, new business increased 35% compared to the same period in 2017. The increased access to products and information on the Internet is a factor, and providers are also offering a wider range of innovative cover options.

Also, awareness about health and the impact it can have on lifestyle is growing all the time. This increased consciousness has driven the demand for protection.

Why are protection policies important?

Everyone likes to protect their assets. The same is increasingly true about lifestyle.

If you have a good, regular income, that allows you to save, invest in a pension, enjoy the finer things in life, and often support friends and family.

You wouldn’t want that to be jeopardised because of injury, illness or being made redundant, would you?

Protection policies are important because they ensure that the plans you have in place for yourself, family and business can continue whatever happens in the future.

Policies can be for the short or long-term. For example, if you have bought a house and have a large mortgage, covering the term of repayments will reassure everyone that the family can stay in the same home.

If you plan to have children, being properly covered will give you confidence for the coming years as they grow, attend schools, and later college.

Do you already have protection in place?

The devil’s in the detail. Like old pension schemes left untouched for years, in some cases you could have some protection in place as part of your company benefits if you are employed. You just didn’t know it.

If in doubt, check. If it isn’t obvious what workplace benefits you have contact your company’s personnel department.

The state safety net is Statutory Sick Pay. Although this is only a modest amount, it can help to cover some of life’s essentials.

Your employer provides you with statutory sick pay for up to 28 weeks – if you qualify. You can check the government’s criteria HERE.

Need help picking the right protection?

Income and lifestyle protection policies come in many forms. Everyone is different so it makes sense that what is covered, how and when will differ depending on individual circumstances.

Logic Wealth Planning has advised clients for many years. We are independent and can assess and discuss protection from all providers.

We are experts at finding the most suitable policies for the people we advise. Where appropriate, we can arrange the most tax-efficient way to put cover in place.

It all comes down to that old favourite phrase of ours – peace of mind. When you have that in your life, everything else should become much easier.

Get in touch for a no-obligation chat about protection policies that are right for you.

Call 0808 1234 321 or email