Think twice before cancelling protection insurance
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Think twice before cancelling protection insurance
The pandemic has shown us that unexpected events can strike at any time and highlights the need for protection insurance to keep us afloat during times of financial hardship.
A YouGov* survey about the pandemic revealed that nearly a third (32%) of Britons fear for their future. Payouts from life insurance, critical illness and income protection can help lessen the financial impact of unexpected events. Data from the Association of British Insurers shows that a record amount of over £5.7bn was paid out in protection claims in 2019, showing that more and more people are relying on this type of cover for support in difficult times.
If you are reviewing your finances to try and reduce outgoings, critical illness and income protection should certainly not be on the list of expenditure to cut as such policies can be a lifeline if you were to lose your job or become ill for an extended period.
We are here to help with any questions you have about existing protection policies or if you are considering new ones. We will help ensure your protection needs are covered.
*YouGov, 2020
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.
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