Far from being a luxury, Protection Insurance should be considered essential, especially if you have a family or people that rely on your income. If you don’t have any dependents or debts then protection insurance may not be a necessary expense for you. But if members of your family are dependent on your income, protection insurance is another must.
You never know what’s going to happen to you. Life is very unpredictable, to say the least. One minute you’re up, and the next minute you could be down. If you suffered a serious illness or injury, you may lose your income. This could lead to you losing your home. What would happen to your loved ones if that was the case?
Similarly, if you died, your loved ones may be unable to maintain their current lifestyle without your income. Without a sustainable income, life can get hard.
Value of Protection
But with the right level of Life and Protection Insurance, you may be able to:
- Pay off your mortgage
- Maintain your or your family’s lifestyle
- Pay for replacement childcare
- Cover school or university fees
- Pay for specialist nursing support
You may already have Life and Protection Insurance in place, but it’s still worthwhile reviewing your current cover levels. Personal circumstances can change regularly so it’s important to ensure your level of cover is appropriate.
Policies and covers are constantly being updated, and newer products keep getting added. So, who knows, you might be bagging yourself a cheaper and better deal than the one you took out a couple of years ago. But you would never know if you don’t review it.
This article (The value of Protection) is intended to provide a general appreciation of the topic and it is not advice.
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