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WHY CLAIMS SHOW THE REAL VALUE OF PROTECTION COVER

The concept behind any type of protection policy is to provide support when a particular event happens. We usually think of this in terms of mortgage protection, health insurance, travel insurance and so on. The plan pays a specific amount of cover depending on what happens.


But have you ever thought about this in terms of falling ill or premature death? The payment may be slightly different – a lump sum v a regular payment in some cases - but the reason that we need it is the same. The occurrence of an unforeseen event.


Understanding protection claims

We recently highlighted how 1 in 2 people will be affected by cancer during their lifetime and that is the leading reason for life protection and serious illness claims for many of the life insurance companies. So the “it’ll never happen to me” stance is not a good one to take!


There are two things that people should understand to fully appreciate the value of protection. These give meaning to what the product provides and why you may need it.

 

It’ll never happen to me!


It’ll never happen to me is not a good starting point. The risk of a serious illness is with us all. The impact of it stopping us in our tracks is one that we should plan for. Despite the increasing incidence of cancer, the good news is that due to better treatments and picking up cancer earlier, more and more people are surviving.

But a serious illness can still have a dramatic impact on your lifestyle and financial situation. That’s why looking at how you would manage is vital before such a situation would occur. Have a look at this video where Julie Neale shares her story.





This handy tool will help you better understand the risk of an unforeseen event happening to you.

 

How likely am I to be able to claim?


It’s often only when we need to make a claim, the reality of what we are actually covered for becomes clear. Before you take out any product you should look closely at the claim’s details. This is really the product you are buying. That safety and security to help assist you and your family financially.


From reviewing the various life company* claims data for 2023, there is a consistency in many regards. The leading causes of claims continue to be cancer, cardiac and respiratory issues. There is a difference in the types of cancers between women and men, but the average age of claim is around 50 years.


Protection cover can vary – from protecting your income, your home, your family and/or your business. The value of holding such cover is only realised when you need to claim. But with the right cover in place, you’ll always have peace of mind.


At Financial Equality Services we’ve guided many people through their ever-changing needs and protection requirements. So whether it's Life Insurance, Mortgage Protection, Income Protection or Serious Illness Cover please don't hesitate to contact us at info@feservices.com to arrange a free consultation.


 

*Source: Irish Life, Aviva, Zurich 2023 claims data.

 

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