Why purchasing protection is important whatever your age
Thursday 25 January, 2018
Thomas Oliver’s Hertfordshire Mortgage Broker and protection specialist, Errol Hall, considers why consumer attitudes should change towards the purchase of protection policies.
According to Money Marketing’s State of the Protection Nation research only 38% of UK adults surveyed believed it was important that their family and dependents are looked after financially if they died. However, the survey results showed that more adults with children under the age of 18 wanted their dependents to be looked after financially if they died compared to adults with no children, 47% compared with 35%.
Errol Hall, Mortgage Broker and protection specialist in London & Cheshunt said:
’I find it surprising that just over a third of adults surveyed felt it was important to have their dependents protected financially if they died. Through my own experience I can validate these statistics as I have offered mortgage advice to young couples who were purchasing their first home and getting on the property ladder, but it is only a few years later when reviewing their mortgage, that they decide to take out protection either because they are expecting a child or already have one. Whenever I provide mortgage planning advice to Thomas Oliver clients I recommend they consider protection policies if it is relevant to their financial situation. Some clients do not immediately purchase protection policies but as a mortgage adviser it is important that we consider a client’s individual financial circumstances before offering financial advice. Even if my clients do not want to purchase protection I make them aware of their protection options and they often return to purchase protection at a later date.’
Errol Hall, Mortgage Broker and protection specialist in London & Cheshunt continued:
‘There is also another benefit of purchasing protection policies as early as possible because taking out protection when we are younger, fitter and healthier means cheaper premiums. Older individuals tend to have some form of protection in place compared to the younger generation. However, according to Money Marketing 49% of individuals over 55 claim not to need life cover compared to only 26% of those aged between18-34. This could be due to the fact the older generation are less aware of protection or believe they do not need it as they no longer have dependents. Therefore it is important to influence the younger generation in a positive way as they are genuinely aware of the need. If you would like to discuss protection policies in respect of financial planning please contact me on 01707 872000 for a free initial financial planning consultation.’
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