By now, we’re sure you will have heard of the latest grim news on UK inflation, showing that according to the Office for National Statistics (ONS), it reached its highest level for four decades - 10.1% - during July. That’s another sizeable jump from the 9.4% recorded for the previous month.
What does all of this mean for your relationship with protection insurance, whether you have such a policy in place already, or you are thinking about purchasing one?
Well, it is certainly unlikely to make protection insurance less important to you than it already is. After all, you need to think about what happens in the event that something happens in your life necessitating you making a claim on your protection insurance policy.
Even if you have something to ‘fall back on’, inflation can be a peril
A lot of us are accustomed to thinking of protection insurance products - such as critical illness cover and income protection insurance - in terms of providing a layer of protection to those who might not have savings or other resources to fall back on if the worst happens to them.
But what if you do have some savings to which you could turn, in the event of something like long-term sickness or disability rendering you unable to work and earn your usual income? Inflation could spell bad news here, too, simply because rampant inflation driving up the costs of such essentials as energy, food and drink will cause your savings to be eaten up much faster.
Plus, interest rates have been on the rise, and look set to continue increasing. That could mean your mortgage becoming less and less manageable, which could then turn into an even direr situation if a serious illness was to prevent you from working.
Another popular product obtained through QuoteLifeCover is life insurance, which could prove another godsend for your household. The thought of your family having to pay heavy outstanding bills in the middle of a cost-of-living crisis in the event of your death, might scarcely bear thinking about. And yet, this is something you do have to think about, at least in order to put in place measures for minimising your risk.
Why not give us a call to discuss the possibilities for protection cover?
You probably get our broad message by now; if protection insurance was at least a ‘good to have’ previously, it has only become even more important for households up and down the UK since. With scary rises in energy bills widely predicted for the UK in the months to come, it appears that the situation will potentially get much worse before it gets better.
There is, however, something else we haven’t yet touched on in this blog post; with so many different types of protection insurance available, even if you acknowledge just how crucial such cover is, you might still have some trouble determining the best protection insurance type and policy for you.
This is why we have set up a free, no-obligation advice and quotation line, which you are welcome to contact for a more detailed conversation about the possibilities. Whether you wish to know more about what mortgage protection insurance entails, or want to carry out a quick and easy life and critical illness cover comparison - amid the many other things you might want to talk about with us - a UK adviser from our team will be pleased to provide the very best information and guidance.
