3 top tips for getting protected

  • Shunil Roy-Chaudhuri, Personal Finance and Investment Writer
  • 26 June 2024
  • 5 mins reading time

1. Protect yourself first

The most important thing is to get you and your family insured, before you insure your pets, cars or mobile phones. After all, if you become ill and you’re not protected, then you may not be able to pay to insure your dog, car or phone anyway. So protection should be seen as an essential rather than an option.

Income protection can be crucial to ensuring you’ll have money coming in to keep the roof over your head, as it can provide a continuing income, allowing you to cover your mortgage. You might want to ask yourself the following question: ‘What I would rather lose, my home or my mortgage?’

Income protection insurance can also help preserve the lifestyle you’ve become accustomed to and people often still have full lives even if they’re unable to work. Moreover, if you’ve got a family you might want to take into account the challenges your partner might face if you become unable to work and you’re not adequately covered.

2. Start young

Protecting your income when you’re young can cover you for the rest of your working life and can enable you to lock in cheaper guaranteed premiums. In contrast, the costs of cover would increase even if you took out protection in your early twenties through your employer. So you need to take cover out in your own right as early as possible. After all, no one knows what could happen in the future.

3. Regularly review your protection

Reviewing your protection arrangements regularly is essential, as your circumstances and priorities can change significantly and sometimes quite quickly. Insurance policies can also evolve, as new features are introduced. A financial adviser can help you understand the various options available, review your existing arrangements, and make appropriate changes to reflect your particular needs.

Important information

This article is for information purposes only. It is not intended as investment advice.

Fees and charges apply at SPW.

Any views expressed are our in-house views as at the time of publishing.

This content may not be used, copied, quoted, circulated or otherwise disclosed (in whole or part) without our prior written consent.

In preparing this article we have used third party sources which we believe to be true and accurate as at the date of writing but can give no assurance or warranty regarding the accuracy, currency or applicability of any of the contents in relation to specific situations and particular circumstances.

Protection policies have no cash-in value at any time. If you don't pay your premiums on time your cover will stop, your benefits will end, and you'll get nothing back. If the benefit amount has not been paid out by the end of the selected term, the policy will end and you'll get nothing back.

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