I’ve always encouraged my clients to take out protection. Working in the financial sector has sadly illustrated the importance of this on several occasions, one tragically recent which touched me personally.
To say we don’t know what awaits us in the future may seem banal, but if your income did stop tomorrow, how long could you maintain your lifestyle with just savings? Financially protecting your family, or you personally, is such an important part of any financial plan. As one of my clients says, it’s about feeling ‘safe and reassured,’ knowing that no matter what life throws at us, at least we’re financially secure.
Income protection
One of our clients had a particular reason for protecting his income:
“As a specialist surgeon, if I were unable to continue working in my specialty, I may be asked to retrain in another specialty or occupation. However, with income protection I would not be expected to do so.”
Most income protection policies are very long term, and they will actually pay out until you either return to work, you reach retirement age, or you die. You can choose how long it takes before this protection kicks in; you can also choose how long it continues to pay out.
Why would I need it?
As well as giving you protection if you’re unable to continue in your current role, income protection can provide the money to cover your essential bills while you’re not earning and also cover your standard of living if required. Therefore, if you’re reliant on your income to pay your bills, feed both you and your family, and maintain your lifestyle, then this is something to consider.
Critical illness cover
My clients had no experience of life insurance and wanted to know more.
“We are both new to life insurance and were really impressed with Gemma’s in-depth knowledge, feeling she went well beyond what was required by an adviser.”
Critical Illness cover provides a lump sum in the event of you being diagnosed with one of the illnesses listed on the particular policy document.
Why would I need it?
Typically, critical illness cover is taken out to cover a mortgage or a debt so that it can be cleared in the event of you being diagnosed with a critical illness. Critical Illness cover can also provide a lump sum to allow your partner to take some time off work if you were diagnosed with a critical illness, or to provide money for alterations to the home if your critical illness required wheelchair access or similar. Should you wish, it can also be used to pay for medical treatment.
Life cover
A client had recently suffered a loss and wanted to know how to protect her family’s future.
“I lost my dad unexpectedly, which is one of the reasons I looked into life insurance and income protection. Gemma’s recommendations have made me feel really safe. She clearly understands life changes and I always feel reassured when I speak to her.”
Life cover provides a lump sum – or an income for a fixed period – in the event of your death during the term of the policy.
Why would I need it?
Typically, life cover is taken out to clear a mortgage or other debt in the event of death. However, it can also be useful when you have children or other dependants and they are reliant on your earnings, not just to pay a mortgage or debt, but to feed and clothe them and pay household bills.
In summary
Financial protection isn’t about expecting the worst – it’s about preparing for the unexpected, choosing the cover that best suits you personally, so one setback doesn’t derail your future.
Financial protection will essentially help:
- Reduce anxiety during difficult times
- Plan the next steps calmly
- Focus on recovery
- Make clear decisions
- Offer stability for your household
- Avoid a damaged credit history
I’ve been managing my clients’ financial protection for over 24 years so please do get in touch if you’d like to talk about anything relating to this topic to see if I can help.
Full quotes can be read on our testimonial page.
Please note that these plans do not have a cash-in value and will stop if payments to the cease.
SJP Approved 12/03/2026