Make Insurance Top Of Your ‘To Do’ List
It’s not unusual for people to forget things, insurance being one of those.
Even though these days most people have access to a diary, calendar, lists, or reminders on mobile phones, appointments still get missed and things still seem to get forgotten about.
A long time ago people used to tie a piece of string around their finger to make sure you remembered to do something at a later date. The bad thing is that people often forget the reason they had it there in the first place!
Many people have the best intentions of protecting their life, or those of their family members using Life Insurance, Critical Illness or Income Protection but for one reason or another they just don’t get around to doing it, despite it being on their list of ‘things to do’.
It’s no surprise then that the protection gap in the UK is around £2.4 trillion.
Similarly, those who have taken the ‘bull by the horns’ and put cover in place historically may not have reviewed it to ensure it is still fit for purpose. After all, circumstances change – whether this be moving house, marriage or separation, a large inheritance, or perhaps a new child perhaps.
Whilst it can be argued that some cover is better than nothing, it’s important to speak with an expert and make sure that your protection arrangements are up to date, fit for purpose, and tailored to your specific circumstances.
If you have no cover in place at present, don’t put it off. The financial effect of illness, injury or death on you or your loved ones can be provisioned for, and often costs less than you think.
If you already have cover in place – well done! However, review it and make sure that it’s still fit for purpose and covers your current situation.
Paul Reed – Protection Specialist and Co-founder of Vita – an independent, national award winning, insurance brokerage in Cardiff.