The idea behind protection is simple: we know things can go wrong, so we want to minimise the impact when they do. Yet many people struggle with this area of their finances, either spending more than they need to or leaving themselves and their families vulnerable.
This is because it’s hard to guess the likelihood and impact of an unwanted event such as accident or illness. And that makes it difficult to tell if an insurance product is good value for money. People may be mis-sold protection products when they don’t fully grasp these key factors, while others may be put off such products altogether – with potentially even worse consequences.
Why advice makes such a difference
This is where a financial adviser can prove invaluable. Your adviser can conduct a full assessment of your income, outgoings and assets, your lifestyle and your needs both now and in the future, while identifying your biggest risk areas. This means that, instead of taking out insurance just because it is offered, you can create a protection plan tailored to you. Such a plan will focus on your priorities, rather than on less-critical areas where you might be able to provide your own safety net, e.g. from savings.
By working our your protection needs with the help of an independent adviser, you can gain maximum security at the minimum cost. Your adviser can also source the best-value products for you from the whole of the market.
Learn more about the various forms of protection from the menu on the left, and find your adviser today.