The COVID-19 outbreak is having a huge impact on people's livelihoods across the globe. Businesses are suffering, with sectors such as retail, leisure and hospitality at a complete standstill. Thousands have lost their jobs, and their lives, to the disease, leaving their families facing an uncertain future.
The government has announced hundreds of billions of pounds of financial support to help people keep their jobs and a roof over their heads. But many are ineligible for support; for other, it has come too late to save their jobs.
A stark reminder
Never before have we been so forcibly reminded of the need for protection cover. According to a recent YouGov survey, 32% of Brits fear for their future, one in twenty have lost their job, while a further one in 11 have seen their pay or hours reduced.
The crisis has shown us that unexpected events can strike at any time, and highlights the need for life insurance and income protection to keep us afloat during times of financial hardship.
Look after your loved ones
How would your family cope financially if you were no longer there to provide for them? If you were to die without life cover, your family could face financial hardship at an already difficult time. Life insurance pays out a lump sum or regular income to your dependants if you die, and comes in two main forms:
- Term life insurance - these policies run for a specific period of time (of 'term') and will only pay out if you die within this term
- Whole-of-life-insurance - these policies will pay out no matter when you die, as long as you continue to pay your premiums
Income protection: Vital financial relief
Recent events have also shown the severe financial strain of being unable to work, even temporarily. Research shows that 56% of 18-35 year olds believe they would last less than three months on their savings or investments if they couldn't work, making it more important than ever to get covered.
There are many types of prtection insurance, including:
Income protection, which replaces part of your income if you are unable to work because you're sick or injuried.
Critical illness cover, which pays out a lump sum if you develop a specified, serious illness which prevents you from working.
Payment protection insurance (PPI), which covers you if you are unable to make loan, credit card or mortgage payments if you are unable to work due to illness or injury.
Value peace of mind
Nobody knows what's around the corner, but having the right protection cover in place could provide the reassurance you need in these worrying times. We can help you find protection cover that suits your circumstances, lifting some of your uncertainty and allowing you to concentrate on the things that really matter.
As with all insurance policies, conditions and exclusions will apply
We can help you!
At Simmonds Mortgage Services we can give you the expert advice you need and help you with your mortgage or insurance needs. Get in touch today 01344 225 149 or 07979 690 056. Alternatively please send us an email at firstname.lastname@example.org
Simmonds Mortgage Services is an appointed representative of Stonebridge Mortgage Solutions Ltd and can source the most appropriate cover from its panel of insurers with a free review of you overall protection and insurance needs. As with all insurance policies, conditions and exclusions will apply.