The vital ingredient in a healthy financial plan

This week I want to focus on protection – The vital ingredient in a healthy financial plan

Traditionally insurance has been one of the largest sectors of financial services. I remember the days when an agent would knock on the door to collect the weekly life insurance premium from my parents and after enquiring about how my dad’s weekly go at ‘the pools’ (kids ask your parents!) had gone would head off next door. It seemed like everyone had insurance and that was just the way it was meant to be.

Cut to today and the number of people with not just the right protection in place, but any at all compared to those with financial commitments and mortgages appears to be less according to the data. It seems as though we have not just fallen out of love with protecting ourselves and our families but that there is a deep distrust when the word ‘insurance’ in mentioned in relation to a healthy financial plan.

It doesn’t have to be this way.

As an advisor I honestly believe that of all the sectors within financial services, the protection sector is the most open to change. Whether it be listening to customers as to what they want or trying to develop their products to offer the best type of cover they can, the insurance sector is for me the one which is leagues ahead of the others in being dynamic and pro-active in trying to offer the most cost effective solutions to their customers problems. Rarely does a week go by without a provider announcing an enhancement to their cover.

Protection – The vital ingredient in a healthy financial plan

Often, when the conversation turns to discussing protection with a client then the defences go up. A few months ago though this was not the case with one particular couple. They knew what and who they wanted to look after in the event of one of them dying and were open and happy to have a chat through the options. As part of that discussion we talked about some of their other goals, both personal and as a family. Getting physically fit was one of them and it was here that the conversation developed into more than just a chat about what policy would provide the correct level of cover at the best cost but rather the right cover for them. In her own words, Mrs W of Sussex summarises why the policy I recommended provided more than just insurance but thanks to the additional benefits that came with it (a discount on her local gym membership) has come to provide her with so much more….

“Six weeks ago, I joined the gym. I had always wanted to go, not really to lose weight as I’d already met my goal. I wanted to do it for myself, my overall fitness and my mental health. I don’t know who else is like me but I don’t get five minutes to myself between working and the children. I just wanted some time, just an hour or so to plug my music in and just RUN without having to speak to anyone or think about anything. I have already started to notice major differences to not just my body shape but my mental health. My moods have really improved and I’ve realised I’ve felt less anxious over the last few weeks. Plus with all these extra gym sessions I now don’t feel as bas about the odd treat or two! Working on myself for myself!”

Mrs W of Sussex

I really would like to thank her for sharing this. Not just with me but with the rest of the world via social media and giving me the opportunity to share it with you. Today, you can expect more from the protection you are paying for and it is thanks to a dynamic insurance industry here in the UK thats all I can say right now about Protection – The vital ingredient in a healthy financial plan.

Comments are closed.

Scroll to Top