With 2020 behind us and a new year ahead, now is a great time to re-evaluate your protection needs. If last year taught us anything, it’s to prepare for the unexpected.
This time last year, no one would have predicted what was about to happen. If you could’ve had a Mystic Meg moment and seen the future, would you have put some extra protection in place?
Probably. You may have benefitted from income protection, critical illness cover or even just the peace of mind these policies can bring. Or you may have already had protection but would’ve appreciated more.
So, lesson learnt, you want to have the best cover for you in 2021 but how can you do that? A good starting point is to look at how your life has changed since you last considered protection. For example, if you’ve changed jobs there might be different risks or perks associated with your new position. As a result, you might want to change your sum assured (A.K.A. how much the policy could pay out). There is also cover for specific professions, such as ‘needlestick’ cover for healthcare workers. Now is the time to check your protection is suited to your job. Or, better yet, ask your adviser and they will investigate for you.
Changes to your domestic life might also spark different protection needs. For example, if you are one of the thousands with a lockdown baby (human or fur), you might want protection that will help provide for your loved one if you can’t work. Or, you might want to re-evaluate your contents insurance to make sure that shiny, 4K TV balanced on a non-toddler-or- puppy-proof cabinet is covered. A new family member takes up time and energy, so talk to your adviser and they’ll do the hard work for you.
Finally, 2021 is bringing changes to general insurance (that includes things like home and car insurance, if you don’t speak fluent protection lingo). This year, new regulation is being introduced to stop insurance companies tempting you in with a too-good-to-be-true introductory price, which then skyrockets on renewal. As a result, scouring comparison sites each year to get that introductory deal might not be the best tactic anymore. It could be the case that a GI protection adviser might have access to options you can’t get elsewhere.
You probably want to leave a lot of 2020 behind (hands up anyone who never wants to do another Zoom quiz?) but the lessons it taught us about planning for the unexpected are ones to carry into the future. Talk to your adviser today and ensure your protection is prepared for the year ahead.
If you’d like to discuss your protection needs, contact one of our advisers today.
Sarah Tucker, Founder/Director of The Mortgage Mum