Your protection policies - home insurance, life insurance, critical illness protection, and many more – should never be an afterthought. It’s very easy to leave them until later, but the stakes are high and they’re crucial in doing exactly what they say on the tin; protecting you, your family, your home, your business. We’ve been helping clients find the best protection for their needs for almost 20 years, and we’ve spotted a few common mistakes along the way.   

1) Waiting to sort your insurance – or not having it at all 

Nobody wants to think about the various circumstances in which you’d need to lean on your insurance policies – but how would you financially survive if you couldn’t work due to a serious accident or through long term sickness? We see a surprisingly high number of people with no personal insurance in place at all, and yet they’ve insured their washing machine, boiler, phone... Sound familiar? 

You might have the best intentions to sort it out but have been waiting for one reason or another, or maybe you just don’t fully understand the importance of it. As we approach the end of the year, consider whether you want to head into a new year unprotected. 

2) Not amending your protection to cover new circumstances 

Have you recently got married? Had kids? Bought an investment property? Had a big change in your financial circumstances? There are major ways that our lives can change over time, and yet people rarely consider the effect on their existing protection policies. Do yours align with your current circumstances? Do they protect your assets and interests, your estate, and most importantly your family and their future? Review them now. 

3) Choosing solely on price 

Price is always going to be a factor when choosing protection. You need something that covers your interests adequately whilst also working within your budget for monthly expenditure. When comparing policies at surface level, a lot of the features can appear the same when in reality they vary immensely. It’s crucial to examine the detail and consider exactly what you’re getting for the price you’ve been quoted, alongside how that price fits in with you financially. 

4) Not re-evaluating your current providers 

Have you checked in recently to see if you can get your current insurance elsewhere for a lower cost? It’s an exercise that’s worth repeating annually as it can save you hundreds of pounds across a couple of policies. As an independent firm, we work with all available insurers so that you can be confident you’re getting the best possible deal. 

We’re offering a free consultation to help you establish or review your protection policies – simply get in touch today. 

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