Personal Protection Insurance – Caboodle Finance, Birmingham

Tuesday, January 27th, 2015

Ok, so you have insurance, but do you need “personal protection” insurance?

Well, like everything else in life, that depends on your circumstances! “Personal Protection” insurance is the term used by many advisers to collectively cover the various options available to people wishing to protect themselves, their family and their financial future against unforeseen circumstances. Most people are more familiar with the actual product names which include Life Insurance, Critical Illness and Income Protection; these are collectively known as Personal Protection Insurance.

The UK has an ever increasing “protection gap” as more and more people are living longer, but fewer are protecting the important things at the right time. Most people protect their home with buildings insurance, their belongings with contents insurance and their vehicle with motor insurance, in the main because they are generally compulsory to owning the house or vehicle. Many people will also protect their phones, gadgets and even their pets before protecting themselves and their family.

Don’t think you can afford personal protection insurance?

When it comes to personal protection insurance quite often advisers hear people claim they “cannot afford protection”, but a good adviser will make sure they assess their priorities and at least consider having some level of cover. Deciding what type of insurance should be taken can often be very difficult and if budget is also a constraint getting advice in such matters can be very important.

Additionally, most good advisers such as Caboodle Finance in Birmingham will offer their services without charge as the insurance providers themselves will pay the adviser a commission if a policy goes live.

The key trigger for most people who first consider taking out some type of life insurance, critical illness or income protection policy is when they buy their first home and take out a mortgage. Although this is clearly an important time to review personal protection needs there are other life events which require due consideration, such as getting married and having children.

Is personal protection insurance appropriate for all age groups?

It is quite common for young people to think that “personal protection insurance” is for older people, but very often taking out a policy at an early age can be significantly more cost effective. The risk of something happening to us increases with age and unsurprisingly as does the cost of personal protection products such as life insurance, critical illness and income protection. The cost of protection will also increase significantly after a person has had an illness or been diagnosed with certain conditions, hence the double benefit of buying protection at an early age.

Knowing which protection to select, for what amount and for how long adds further complications, which is where using the services of a specialist personal protection insurance adviser can provide a significant benefit.

Call Caboodle Finance in Sutton Coldfield, Birmingham today on 0121 308 9114 or click HERE to contact us by email and we will be delighted to help you find the right protection policy for you.