The Benefits Of Protection Products In 2021

The uncertainty and unease caused by the ongoing Covid-19 pandemic has meant that 2020 will go down in history as one of the most unprecedented in living memory. Now, as we enter 2021, health and wellbeing is going to remain high on people’s agendas as they reflect on the events of the past year.

With more and more people now actively thinking about their health and wellbeing, as well as how they can safeguard themselves and their families, the role of protection products has never been more in focus.

Covid has triggered a surge in protection enquiries

As our MD, Claire Ginnelly, highlighted in November, the Covid-19 pandemic has, perhaps unsurprisingly, triggered an increase of interest in protection products

Interestingly, it’s members of Generation Z (born between mid-to-late 1990s and early 2010s) that have been most influenced by Covid-19 and its associated health and mortality risk. Indeed, over half (51%) of this cohort say their attitudes towards the value of insurance have changed in light of the pandemic.

This is interesting and important as younger generations are usually less interested in securing protection because of the belief that they are still young and healthy. But as we have seen throughout this pandemic, Covid doesn’t seem to care how old or seemingly healthy you are. 

CI cancer claims expected to surge in 2021

What’s perhaps more worrying is the knock-on effects of the pandemic on other areas of healthcare.

As my colleague Matthew Bucknall revealed in one of his pieces in November, a leading insurer is expecting a jump in critical illness cancer claims in 2021. Protection specialist LV= says it is predicting a surge in cancer diagnoses and claims in 2021 following screening backlogs because of the pandemic. This is extremely sad news and highlights the wider impact the Covid crisis is having.

Securing protection can help. Whether it is:

  • Income Protection to ensure your regular income is protected should you be unable to work for an extended period because of an illness, accident, or disability.
  • Critical illness cover so you benefit from a lump sum if diagnosed with a critical illness, which will help ease the stress such a diagnosis can cause by taking care of the costs while you undergo treatment and start on the road to recovery.
  • Life insurance to support your family and help them cope after you’re gone.

There will always be a policy to meet your needs and budget. The best part is that some of these policies offer so much more than just the core benefits, extras like mental health support and rehabilitation in times of serious illness.

Many people often think these policies are beyond their budget, but talking to an adviser costs no more than your time and it could prove to be a very useful way to be introduced to the various protection products, many of which can be tailored to your specific situation and needs. Plus, you can often lock-in lower premiums while you are still younger, which will remain in place for the life of your policy; another compelling reason to consider protection sooner rather than later.