The coronavirus outbreak has impacted everyone across the globe, leaving many individuals and families in a precarious financial position. The crisis has shown that financial hardship can strike when we least expect it, demonstrating the importance of protection cover.
As people's anxiety about their financial future intensifies, it's likely that many people will be considering how they can reduce their outgoings. Income protection or critical illness insurance may be top of the list to cancel if they can be perceived to be unnecessary expenses.
In reality, critical illness and income protection policies can protect your income or support your family, if you lose your jobs or become ill for an extended period of time, so should certainly not be on the list of expenditure to cut.
A financial lifeline
Never have we been so starkly reminded of the need for the safety net of protection cover. A recent YouGov survey about the pandemic revealed that nearly a third (32%) of Brits currently fear for their future. Cover such as life insurance, critical illness cover and income protection can help lessen the blow of unexpected events.
Don't act in haste
Covid-19 is resulting in financial difficulty for many and may lead people to consider cancelling their protection insurance direct debits. Please don't act in haste, talk to us, we can offer support and guidance if for any reason, you are, or you think you will be, in financial difficulty.
It's good to talk it through
Rest assured, what is certain is that we are here to help. If you have any questions about your protection policies or requirements, whether this be existing policies, or you are considering new ones – please get in touch, we have our finger on the pulse in this fast-changing environment and can assist you to navigate the challenges ahead.
As with all insurance policies, conditions and exclusions will apply