The growing unease about the economic fallout of COVID-19 has led to many people reviewing their finances and considering their options if they were suddenly unable to work.
If the pandemic has taught us anything, it’s that life can change in a blink of an eye and being out of work, whether due to redundancy or illness, can rapidly make us feel powerless.
However, having the right cover in place can help us feel in control again. And with the Bank of England warning that there could be 2.5 million people out of work by the end of 2020 as the furlough scheme ends, taking out income protection could be well worth it.
The importance of protection
Income protection can provide important cover if you are unable to work for a while. Yet although increasing numbers are likely to take out this type of cover due to the pandemic, there are warnings that insurers must not be opportunistic and must instead find the right tone and approach, as well as offer reassurance.
Policies are likely to evolve in a post-coronavirus world, with some insurers already adding COVID-19 exclusions.
We can help you get the right cover
If you’re not sure which policy is best for you and your circumstances, let us help you find the right cover.
As with all insurance policies, conditions and exclusions will apply
Catch up on our other blog posts:
Equity Release in Southampton
We recently helped a 65 year old client in Southampton release equity from his home. Retired and with little savings, he found himself needing to access capital to help fund a recent separation, along with needing funds to by a new car, renovate the home, and then...
Green mortgages still causing confusion
A recent survey1 has shown that four in five people have no understanding of green mortgages. The terms of each individual deal differ, but typically lenders offer enhanced mortgage deals, for example lower interest rates or cashback, to qualifying homes....
Renting? Don’t forget income protection
There is a natural connection between protection and homeowners, but new research suggests that renters could in fact gain more from the benefits of cover. Rent rise The number of households renting privately in the UK rose by 63% in the decade to 20171, reaching an...
(Your home may be repossessed if you do not keep up repayments on your mortgage)
We charge a fee for arranging and advising you on the mortgage. The fee will be dependent on your circumstances but will not exceed £499. (Our typical fee is £299.)
For Lifetime Mortgages/Equity Release the fee will be £799.
Our mission is to provide honest mortgage advice, whilst helping you save money.
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