Don't put protection on the long finger

In the hustle and bustle of our daily lives, we often prioritise immediate needs and desires over long term financial planning. It's all too easy to put off purchasing personal financial protection products like life assurance, specified illness cover, and income protection. However, this procrastination can have serious consequences for our financial security and peace of mind. We’re going to give you a few reasons why you should not delay in taking out these essential financial protection products.

The first and most important reason is that life is unpredictable, and unexpected events can happen to anyone at any time. The sudden loss of a loved one or a primary breadwinner can leave a family in financial turmoil. Life assurance provides a safety net for your loved ones, ensuring that they are financially supported in the event of your untimely demise. Delaying the purchase of life assurance can leave your family vulnerable, especially if you are the sole provider.

If you have dependents who rely on your income, it is your responsibility to ensure their financial security in your absence. Life assurance is a way to fulfil that responsibility. The longer you delay, the longer your loved ones remain exposed to financial risks. By taking action now, you can ensure peace of mind for all of you.

It’s also worth considering that a serious illnesses like cancer, heart disease, and stroke can strike without warning. These conditions can not only take a toll on your health but also your finances. Specified illness cover provides a lump sum payment if you are diagnosed with a covered illness, giving you the financial means to cover medical expenses, seek specialised treatment, or make necessary lifestyle adjustments. Delaying the purchase of serious illness cover could leave you financially unprepared to cope with the costs associated with a critical illness.

Similarly it’s worth noting that your ability to earn an income is one of your most valuable assets. Income protection insurance ensures that you continue to receive a portion of your income if you are unable to work due to illness or injury. Without this protection, you may find yourself struggling to make ends meet during a period of reduced income. Delaying the purchase of income protection can leave you vulnerable to financial hardship in the event of unforeseen circumstances.

The good news is that one of the benefits of purchasing personal financial protection products early is that you can often secure lower premiums and better cover. Insurance companies typically charge lower premiums to younger and healthier individuals. By taking action sooner rather than later, you can lock in more affordable rates and potentially access more comprehensive cover.

Overall, it’s about peace of mind. Financial stress can take a toll on your mental and emotional well being. Knowing that you have adequate financial protection in place can provide you with peace of mind. It allows you to focus on your present and future without constantly worrying about the "what-ifs." Delaying the purchase of these protection products can result in unnecessary stress and anxiety.

​We’ll leave you with a suggestion. Don’t delay. By acting now, you not only protect your loved ones, but also secure your own peace of mind.