Protection Insurance – is it worth it?

Unfortunately, we can’t predict the future, but we can definitely prepare for it. And there is no truer word said when we talk about this in the context of protection insurance.

Taking out a mortgage isn’t a decision you take lightly — it’s a big financial commitment. So, it’s important that you safeguard yourself and your family in case of an event which meant that you couldn’t continue to pay it.

Equally, becoming ill or getting injured and being unable to work shouldn’t mean that you’re left out of pocket. But with 300,000 people each year falling out of work and into the welfare system because of health-related issues, it could leave some in a situation where they struggle to make ends meet.

One in ten British adults has taken out or considered taking a protection policy, a rate that rises to almost one in five for those aged 18-341. This is an encouraging figure – but it still leaves millions missing out on protection. If you are one of those still teetering on the edge and deciding whether or not to get protection insurance, here are some interesting points:

  • Income protection can cost from as little as £10 a month, or £2.50 a week, which is less than one takeaway coffee!
  • We always think it won’t happen to us — but there are 1,450 deaths every day in the UK, many of which are sudden and unexpected. And 60% of adults still don’t have life insurance. That’s up to 840 people a day who could potentially leave families without financial security.
  • Critical illness insurance can reduce your debt, pay your mortgage, replace any lost income and cover further costs that may arise due to additional home care needed. If you think that protection plans rarely pay here are some facts. The value of an average protection pay-out now sits at £14,994, while one leading company paid out 98.2% of all claims in 2021. Millions of people are benefiting every day from their protection plans.

It may be useful to weigh up the costs of a policy against the risks of not being insured. Think about how much you would lose if you became ill and found yourself unable to work. Or think about how you would cover your essential costs such as your mortgage or rent and how your family would cope financially after you die if you have no life insurance in place?

It is often difficult to know when the time is right to take out protection and people often delay seeking protection insurance until they think they might need it. But what if this is too late? Even spending a small amount of time, effort and money on protection can give you peace of mind for if the worst were to happen. As with all types of insurance, premiums generally vary according to age and state of health so being young and healthy means you’ll probably get a better deal. Getting a policy early on in life gives you vital protection for longer – and can be cheaper in the long term.

Here at KB Mortgage Services, we work with some of the UK’s leading insurance providers — so we’re guaranteed to find you competitive rates on all protection, including mortgage protection, life insurance, critical illness, and income protection.  We’ll sit down with you to ensure that you get the right coverage for your individual needs and situation. We want to help you to ensure peace of mind.

Contact us today:

[email protected]

07834 818805

How KB Mortgage Services can help:

Life Insurance

Critical Illness protection

Mortgage protection insurance

As will all insurance policies, conditions and exclusions will apply

Approval No: FP257