4 Ways to Protect Your Lifestyle and Family | Spectrum Financial Advice
Date: 15 August 2019 Author: Lewis Cable
Personal Protection Insurance UK: 4 Ways to Protect Your Lifestyle and Family

Personal Protection Insurance UK: 4 Ways to Protect Your Lifestyle and Family

Life is unpredictable and none of us know what will happen tomorrow. Forward planning to prevent a sudden loss of income due to serious illness or death is therefore extremely important. This planning can help protect and secure the financial future of you and your loved ones. To learn more about Personal Protection Insurance UK and find ways to protect your lifestyle and family, read on…

mortgage protection insurance


Why Have Personal Protection Insurance?

The financial security of most families is dependent on at least one regular income. Imagine for a moment what would happen if you were to lose that income due to you or another income provider developing a critical illness or dying…

Would you/your family be able to:

  • Pay off a mortgage and/or other loans?
  • Keep paying rent, utilities and other household expenses?
  • Cope with additional expenses like the cost of care for you/dependents, travel to hospitals/care facilities, medical bills or, in the worst case scenario, funeral expenses?
  • Plan/pay for your children’s future (i.e. education)?
  • Uphold your/their current lifestyle?

If your answer to any of these questions is no, arranging some form of insurance to protect your family’s financial security is crucial.

Ways to Protect Your Lifestyle and Family

Currently available personal protection options include:

Critical Illness Insurance – Often taken out as an add-on to life insurance, critical illness insurance may be taken out for one or more individuals, on a single or joint basis.

If one of the insured individuals is diagnosed with a critical illness, the policy pays out a lump sum that can then be used to help with household bills and other expenses; secure education for your children; pay off loans or a mortgage, etc.

Life Insurance – Available as single or joint policies, life insurance policies pay out a lump sum in the event of a named individual’s death. Pay-outs can then be used as above, to secure the family’s future and allow the family to continue their lifestyle.

For more detailed information on life insurance, the difference between critical & terminal illness and more, please see our “Personal Life Insurance Guide”.

Income Protection Insurance – This type of policy is designed to protect families from loss of income due to an insured person’s prolonged inability to work because of an injury or serious illness.

Pay-outs consist of pre-determined monthly payments for a pre-determined period to help cover regular monthly expenses for the duration of their recovery

Find more detailed information on this in our “Income Protection Insurance Guide”.

Mortgage Protection Insurance – Consisting of level term or decreasing term life insurance policies with or without critical illness cover, mortgage protection insurance ensures any outstanding balance on a mortgage/other loans can be repaid in the event of an insured person passing away unexpectedly.

Our “Mortgage Protection Insurance Guide” provides more detailed information on this type of policy.

Personal Protection Insurance UK

Spectrum FA can help you obtain the right type and level of personal insurance cover to effectively protect your family while keeping premiums affordable. Find out how by calling us on 01279 315 013 or please get in touch via our contact form.


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