Why prioritising protection is more important than ever…

The economic outlook for many in the UK might be gloomy, but this has increased the need for financial protection advice, not lessened it.

A perfect storm of continued high inflation and increasing interest rates is adding to the severe financial pressures facing households this summer.

Given the increasingly poor financial resilience of many UK households and the pressures people are facing, the expertise of using an adviser is more important than ever.

Whilst the ongoing cost-of-living crisis and rising mortgage rates are undoubtedly placing severe cost pressures on individuals and households, there is arguably also a heightened need for clients to be adequately protected.

Recent research published by the FCA* highlighted a significant increase in low financial resilience amongst UK adults as a result of rising living costs. For many of these people, they face the risk of serious hardship if they were to experience a financial shock.

Protection insurance like Life Cover, Serious Illness Cover or Income Protection is needed now more than ever and whilst many may be tempted to forego insurance or cancel existing cover, this is a risky move.

Whilst life cover is there for when the worst happens, serious illness cover gives you the peace of mind that if you were to suffer from a serious illness you are able to claim a lump sum amount to assist you through the difficult times, even if you go on to make a full recovery.

Income protection is popular among clients who wish to be covered if they were to experience an illness or if they were to be involved in an accident which results in them not being able to work for a period of time. Income Protection provides a monthly income to you as your normal wages would, which ensure your committed expenditure is covered.

Platinum FS can help with all your protection needs, give the team a call on 01455 322323, email on enquiries@platinumfs.co.uk or use the contact us form on this site to discuss the options available to you.

*Source - Financial Lives January 2023: Consumer experience of the rising cost of living – the burden of bills and ways to get support | FCA