In 2019, in pre-COVID times, as many as 604,707 people died in the UK (that’s more than 1 a minute). If this is not bad enough, in 2020 (as we encountered the pandemic) 690,439 died – an 85,732 increase!
(Source: Office for National Statistics, National Records Scotland, and Northern Ireland Statistics & Research Agency, actual 2019 figures & provisional 2020 data)
It’ll never happen to ME!
Many of us think we’re invincible and will live a long life with few health problems.
That, hopefully, will be the case, but COVID has sadly shown us that many families have experienced personal loss, or know of people who have died. And, beyond that, are aware of some that have suffered badly and been off work long-term due to the effects of the virus.
Whilst restrictions will now be in place to factor COVID into insurance companies Protection products, it’s not just COVID that you need to consider. In a normal year in 2019, 605,000 people still died from a multitude of ailments, such as cancer, heart diseases and dementia & Alzheimer’s.
If you don’t already have this in place, or want to revisit your policy, it’s essential that you consider life cover to deliver the financial security for those you may leave behind.
If nothing else, you should look at having in place enough life cover to help pay off your mortgage to ensure your family doesn’t also lose the roof over their head. In most cases, it also makes sense to have your policy ‘written in Trust’, which should ensure a swifter payout to your beneficiaries.
Other Protection insurances
Imagine that you didn’t die, but suffered a serious illness, injury, or mental health issue which meant you were unable to work (and earn an income) for a long period.
Whilst you may initially receive good financial support from your employer (and less so from the state), it’s sensible to check if that’s the case, and for how long.
The wide range of product options, and value-added support are improving all the time, so it’s vital that you take advice.
As with all insurance policies, terms, conditions and exclusions will apply.