Do I need income protection insurance?

Most of the time the first you will hear about the need of personal protection is when you first look at buying a home, however it can also be important for people renting or even living with family who are wanting to make sure that if anything happens to them that they have some form of financial security, but also they can provide that for their family too.

Whenever you go through the process of getting a mortgage the topic of personal protection will be covered with your adviser, a lot of the time most people don’t know enough about it other than that it can be an unpleasant topic to approach and we occasionally see the view of ‘I am young and healthy and haven’t been unwell yet’.

There is no denying that Covid-19 has opened a lot of our eyes to the fact that we are not invincible, and that in term can lead to financial implications for our loved ones. All you have to do is look up facts about diagnostics to realise that illness is a part of life for many of us.

For example:

  • Cancer Research states that 1 in 2 people in the UK will be diagnosed with some form of cancer during their lifetime and that approximately 50% of the people diagnosed with Cancer in England and Wales survive their disease for ten years or more.
  • Diabetes UK states that 1 in 10 over 40 in the UK now has Type 2 diabetes
  • The charity MIND states that 1 in 4 people experience mental health problems each year
  • The British Heart Foundation states that 7.4 million people are living with heart diseases in the UK
  • The stroke association states that there are more than 100,000 strokes in the UK each year and it is the fourth biggest killer in the UK, with more than 400 children having a stroke every year in the UK and a third of stroke survivors experiencing depression post-stroke.

This is without looking at the impact of bowel-related diseases, multiple sclerosis, and many others.

More and more research, money and support services are being implemented by our NHS and amazing charities to continuously improve the level of treatments and survival rates. However, quite regularly it is the financial worries of still having to pay our mortgage, utilities, vehicles, phones, and other debts and commitments whilst seriously ill that can lead to very high levels of unnecessary stress that can lead to further complications and even reduce the rate or chances of recovery.

None of us want to delve too deep into this as it can be very painful and is not something that we want to dwell on, nevertheless, it can be one of the most important conversations of our lives to make sure that if anything happens to us or our family that we could have the financial support that allows us to focus on what is really important, and that is the wellbeing of our family.

If you want to discuss what may be suitable for yourself then get in touch on 01225 962456 or drop us an email on so that we can run through a review or contact us through the website.