Over the years, we have had many clients that have resisted taking much needed protection based on misconceptions.
In this blog, we tackle some of the most common misconceptions we hear:
“I’m too young to need critical illness cover.”
Critical illnesses can affect anyone, at any age. Having suitable cover ensures financial support during treatment & recovery, regardless of your age.
“The life insurance provided through work is enough.”
Employer-provided life insurance is often limited and may not be sufficient to cover all your financial needs. Additionally, it is considered a ‘rented’ as lose it if you change jobs.
“Private health insurance is enough; I don’t need critical illness cover.”
Private health insurance can cover your medical expenses, but won’t pay your monthly household bills. Critical illness cover provides a lump sum payment that can be used for any purpose, such as covering lost income, paying for home modifications, or funding alternative treatments. You can have both policies for ultimate protection.
“If I have sick pay through work, I don’t need income protection.”
Employer sick pay is often limited in duration and amount. Income protection provides a more reliable and long-term solution, ensuring you have a steady income if you’re unable to work due to illness or injury.
“I don’t need personal protection if I’m young and healthy.”
Personal protection is often cheaper and easier to obtain when you’re young and healthy. It ensures that you and your loved ones are financially protected in case of unexpected events.
“Income protection is too expensive.”
Whilst premiums vary, income protection can be affordable, especially when compared to the financial impact of losing your income through illness. We can tailor an income protection plan to fit your budget & circumstances.
Take the next step
If this blog has challenged your misconception, and you would like to rediscover personal protection, speak to an adviser by calling 01455 63 61 63 or by clicking here. We never charge a fee for protection advice.
https://onerooffinancial.co.uk/contact/
Blog written 01/04/2025
The information contained within this blog was correct at the time of publication (01/04/2025), and is subject to change.
