Written by: Andy Walton - Protection Director
Our very own Financial Risk Assessment tool is designed to assess your level of financial resilience based on the protection insurance policies you’ve taken out (if any).
We'll take a look at income protection, critical illness cover, and life insurance and whether you have enough insurance to bounce back should the worst happen.
The tool shows you how capable you are of recovering back from life-altering setbacks that would otherwise have a major financial impact. Examples include, but are not limited to: death of a loved one, a disability, or being unable to work due to health issues.
We can recommend insurance policies you could take out to help weather these storms, based on the level of cover you have.
For further information about different protection products and how they could help keep you in your home once you’ve moved in, speak to one of our expert protection advisers today.
Check your financial resilience with our risk assessment tool
See how well you're protected when life throws the unexpected at you.
What is protection insurance and how does it help financial resilience?
"Protection" refers to various insurance plans that safeguard you and your loved ones during tough times. As your life unfolds, your needs for protection will evolve. Whether you buy a new house, land a different job, or welcome new family members, it's important to regularly assess your protection needs. A perfect time to do this is when you secure a new mortgage, but it’s something you want to check in on regularly.
Why do you need protection insurance?
Insurance protects us from life's unexpected events by providing financial support when we need it most. Whether it's an illness that prevents us from working, a critical illness requiring extensive treatment, or even the loss of a loved one, insurance can help us manage the financial burden and ensure our loved ones are cared for. It’s this protection of not only your finances, but your peace of mind that makes you financially resilient.
In case of misfortune, you’ll have a safety net to help you recover and move forward.
Do I need insurance to get a mortgage?
Life insurance (and other policies such as critical illness cover) isn't mandatory for mortgages, but given that a mortgage is likely your biggest financial burden, safeguarding it is important Even more so if you have dependents who rely on your income for mortgage payments. The only legally required insurance for getting a mortgage is buildings insurance.
Different types of insurance
Unexpected events happen. We don’t know what’s around the corner, but we can plan and prepare. To ensure peace of mind, here are some key protection plans to explore:
- Life insurance: Provides financial support for your loved ones if you pass away.
- Income protection: Replaces a portion of your income if you're unable to work due to illness or injury.
- Critical illness cover: Offers financial support if you're diagnosed with a serious medical condition.
- Buildings and contents insurance: Protects your home and belongings from damage or theft.
- Mortgage payment protection: Helps cover your mortgage payments if you experience a financial setback.
The financial risk assessment tool will provide a list of coverage areas you may be lacking in, and from there you can act accordingly. Starting with a protection review is a great way to get the ball rolling.
Protection advice
Our advisers are committed to finding the right protection policies for your needs in order to protect what matters to you most and give you peace of mind, should the worst happen.
If you’re unsure of whether you need protection, or have enough to make you financially secure, get in touch with us today to arrange an appointment.
Important information
For insurance business we offer products from a choice of insurers.
Frequently asked questions
Financial risk is how likely you are to experience setbacks due to unforeseen factors, such as death, critical illness, disability, and job loss.
Financial risk can be caused by a variety of circumstances - these factors may be in your control, such as your level of spending or lack of insurance, or they may be external, such as the economic climate or health issues.
By taking out protection policies, you can minimise the impact of financial risks. This can be in the form of income protection or other types of insurance. Moreover, having a healthy emergency fund will help safeguard you from any financial risks that aren’t covered by your insurance.
Income protection offers financial support if you’re unable to work due to illness or injury. It replaces part of your income and will continue to pay out regular, tax-free instalments until you’re able to return to work.
Financial stability means you have enough income to cover your expenses and have a buffer for emergencies. This can be achieved through a combination of protection policies and savings. Our Financial Risk Assessment can help you review your current situation and identify whether any improvements could be made.
Unpredictable events can damage your finances. Take a free Financial Risk Assessment to identify your vulnerabilities and explore protection options that plug the gaps, giving you peace of mind.
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