A financial and wellbeing safety net
Home >
All >
A financial and wellbeing safety net
Life has a funny way of turning out differently to how we expect it. When faced with the unpredictable twists and turns of fate, it is comforting to have the support of the right protection cover for your needs.
Rising bills reinforce need for protection
Increased household bills, mortgage and rent costs, mean that protection is more important than ever right now. Have you considered how you would be able to afford your monthly outgoings if your family were to lose the income of the primary earner through death or illness?
Longer-term mindset
In response to these challenging conditions, some households are considering reducing their level of protection – and are therefore at risk of leaving themselves vulnerable to financial shocks.
It may seem tempting to save a few pounds a month by cancelling or postponing taking out cover. But there is a risk that, should the worst-case scenario strike, you and/or your family will be left in a difficult financial position.
Support for your wellbeing as well
Did you know – mental health issues are one of the top reasons for claiming under income protection? One leading provider1 paid £6m in income protection claims last year of which a third (£1.91m) related to mental health claims. Many life and critical illness policies also include support services for mental health issues.
Essential
Protection is an essential part of long-term financial planning for everybody. Having the right insurance cover for your unique needs is an indispensable financial and wellbeing safety net for you and your loved ones.
1Zurich, 2023
It is important to take professional advice before making any decision relating to your personal finances. Information within this document is based on our current understanding and can be subject to change without notice and the accuracy and completeness of the information cannot be guaranteed. It does not provide individual tailored investment advice and is for guidance only. Some rules may vary in different parts of the UK. We cannot assume legal liability for any errors or omissions it might contain. Levels and bases of, and reliefs from, taxation are those currently applying or proposed and are subject to change; their value depends on the individual circumstances of the investor. No part of this document may be reproduced in any manner without prior permission.
The value of investments can go down as well as up and you may not get back the full amount you invested. The past is not a guide to future performance and past performance may not necessarily be repeated. If you withdraw from an investment in the early years, you may not get back the full amount you invested. Changes in the rates of exchange may have an adverse effect on the value or price of an investment in sterling terms if it is denominated in a foreign currency.
Information is based on our understanding of taxation legislation and regulations. Any levels and bases of, and reliefs from, taxation are subject to change.
Tax treatment is based on individual circumstances and may be subject to change in the future.
Other Insights of interest
16th April, 2025
Taking steps to avoid a retirement overspend
A fifth of respondents to a survey1 have consistently spent more than they expected to…
Read full insight
16th April, 2025
Family tensions over money talks – time to break the taboo
Many wealthy individuals hesitate to discuss financial planning due to fears of family disagreements, with…
Read full insight
10th April, 2025
Economic Review March 2025
Chancellor trims spending plans Rachel Reeves delivered her Spring Statement on 26 March, unveiling welfare…
Read full insight
2nd April, 2025
End of tax year IHT recap – gen up on gifting allowances
Recent HMRC data shows that IHT receipts rose to £4.3bn during the period from April…
Read full insight