Why Protection Insurance is Important

Financial protection has been given a bad name by the poor value offered by payment protection insurance. But for many people, the reassurance that cover brings cannot be overestimated.

Alan Lakey, a leading financial protection expert, says too many people are overlooking cover in favour of long-term savings or paying for school fees and holidays.

They expose themselves to potential future financial upheaval, warns Lakey, founder of Highclere Financial Services in Hemel Hempstead, Hertfordshire. ‘Whether people are saving into a pension or Isa, both vehicles rely on continuing income to keep feeding them,’ he says.

‘If income ceases, so do the savings. So the first step is to ensure that in the event of ill health or accident the flow of income can continue.In effect, protection planning is the foundation of all other financial planning and without sound foundations the aspirations may crash down like a dodgy building.’


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