Protection – awareness is growing
The saying that “life is what happens when you’re busy making other plans” often turns out to be all too true. That’s why people take out protection policies. There are plans available that pay out lump-sums or provide an income to ease the financial burden if death, accident or serious illness strikes. Protection plans are one of the best ways of ensuring your family is provided for financially if unexpected events occur, sparing them from having to cope with money worries on top of everything else.
GETTING THE MESSAGE
Recent data from the financial software company IRESS1 highlights a positive trend in the sale of protection products through its software, in the first six months of this year. Life term insurance and Income Protection saw the largest year on year increase in new business, up 35% in the first six months of the year, compared with the same period last year. This increase is in part attributed to greater health awareness, and a better understanding of the role that protection policies can play in keeping a roof over a family’s head and ensuring that household bills continue to be paid. If you’d like advice on choosing the right insurance cover, do get in touch.
Income protection (with no investment link) has no cash in value at any time and will cease at the end of the term. If you stop paying premiums your cover may end.