Why are Men Risking Their Financial Security by Ignoring Protection Insurance?
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There are many different types of protection policies available in today’s insurance market. The most common of these are income protection, which provides an income if you are ill and critical illness cover which pays a lump sum if you have a serious illness.
Around 90 per cent of men in the UK risk facing financial hardships as a result of ignoring income protection or critical illness cover, this can come in handy in the event of illness or an accident. Despite the fact that 56 per cent of men in the country are aware of the risks of cancer and do check themselves, nearly nine in ten (87 per cent) do not have private medical cover.
Research from Friends Provident published in advance of Men’s Health Week 2009 also shows that 87 per cent of men have no income protection insurance, while 93 per cent do not have redundancy cover. While 71 per cent do not have life insurance and 81 per cent do not have a will, which can have grave implications for any dependants.
This is because more than 80,000 men succumb to cancer each year, while 52,000 and 21,000 die of coronary heart disease and stroke respectively. Mark Jones, head of protection at Friends Provident, said: “The ways in which men are regularly taking risks with both their health and finances could have a devastating effect on those men who will unfortunately suffer from a critical illness.” The awareness week runs from June 15th to the 21st.
Where can find out more about protection insurance?
There are now many online life insurance and protection insurance comparison websites that have detailed information on the latest insurance products. Many explain the difference between the different policies to point you in the right direction.
If you find this all too complicated but still feel you have a need for protection advice you can speak to an independent financial advisor. Most independent financial advisors will offer a fee free advice basis though most will do this if they receive commission from the insurance provider.
It is important to remember that most bank or building society financial advisors are not independent this means that they can advise you on the best type of policy for your needs but they do not offer polices from the whole of the market. Instead they will typically be tied to one insurance company for their advice or at best they will have a selection of three or four providers.
I f you are happy with the advice but not happy with the premium there are many online price comparison sites that will allow you to obtain discounted premium quotes on protection policies. Many of these work by reducing the amount of commission they receive from the insurance company for setting up your policy which reduces the monthly premiums you pay.
Jason Haines is a protection and mortgage advisor at godirect.co.uk, one of the UK’s most trusted information site about personal finance. So if you are looking for a new mortgage check out the remortgage rates online and see how much you can save, you could also save money on your mortgage protection.
