Rising demand expected for Individual Protection
Economic disruption in the wake of the covid-19 pandemic is expected to lead to a rise in demand for individual financial protection, according to a majority of financial advisers.
While starting a family is still expected to be the most common prompt for establishing income protection, advisers expect to see a rise in demand across the board, particularly from those less able to count on secure employment benefits. Advisers expect the self-employed, small business owners and gig economy workers to increasingly seek income protection as a means to weather potential economic storms in the coming months and years.
Families in the UK are currently likely to be under protected. Figures from 2018 show that while 5.4 million of the UK’s 26.5 million households at that time had paid towards some form of life insurance, just 200,000 households had any kind of income protection.
If you are considering taking out an individual protection policy, this can raise a number of questions, such as:
- How much does income protection cost?
- How much income protection do I need?
- Do I need critical illness cover?
Whether it’s finding out about how income protection works, the costs involved or how to determine how much cover you need, we can help. Why not get in touch with one of our protection specialists for a free no obligation consultation to discuss how income protection could safeguard your family’s financial security.