Don’t think you need protection? Think again

Protection might not be sexy or exciting but should the worst happen it could be the best thing you have ever done for yourself and your family, explains Scott Gallacher.


Financial Planning is often likened to going on a long journey.

  1. You decide on the destination, only in financial planning it is normally retirement (thinking about the amount of capital and income you need and when you need it) rather than a tropical island.
  1. You work out how you are going to get there, though rather than buying a map, you work with a financial planner to come up with your financial plan (how much do you need to save and where best to invest this money).
  1. You check your progress on a regular basis, a bit like stopping for directions you have regular reviews with your financial planner.

In financial planning, just as when travelling, you need to be prepared in case things go wrong.

Most of us would not think about going on holiday without travel insurance. However, research from reveals three in 10 people are uninsured in vital areas such as life insurance, income protection, critical illness and mortgage payment protection.

It’s important to remember that you are putting your, and your family’s, financial planning at serious risk if you fail to insure yourself or your partner should the worst happen.

Luckily for most people, financial protection, especially life cover, is relatively cheap.

For example, £25 per month would buy a 30-year-old non-smoker half a million pounds worth of life cover for 20 years*.

If you feel that in your own financial planning you might have overlooked the need for protection, and you’ve been putting this off, then I would suggest that you search via for a financial planner now.

Financial planners can advise you on: –

  • The type and level of cover required
  • How long you will need this cover for
  • Answer any questions you may have
  • Ensure you get a great deal
  • Help you complete the forms
  • Using trusts to save inheritance tax

Protection might not be sexy or exciting but should the worst happen it could be the best thing you have ever done for yourself, or your family.

Find a financial adviser to help you plan your protection needs.

Are you a business owner? Have you thought about protection for your business? Take a look at the Legal & General and Every Business Matters campaign #everybizmatters

*Source: Assureweb