Protection
The part of a plan that only matters when everything else has gone wrong.
Protection is insurance against the things that would derail everything else: not being able to work, becoming seriously ill, or dying while people still depend on you. It's the least enjoyable part of financial planning and the part most often skipped, partly because the products are dull and partly because thinking about it means thinking about outcomes nobody wants to picture. But a retirement plan assumes you reach retirement, and a mortgage assumes you keep earning. This topic covers what can go wrong, what you may already be covered for, and how to fill the gaps that matter.
Four risks, in the order they're most likely to happen — and what people usually get backwards.
Employer benefits and state support cover more than people think — and less than they hope.
Replaces part of your earnings if illness or injury stops you working. The most useful cover, and the least bought.
The cheapest cover per pound of benefit, and the one most people already have in the wrong shape.
A lump sum on diagnosis of a specified serious condition. The definitions are the product.
Free, takes one form, and most people never do it. Here's what it changes.
Underwriting, disclosure, and why the cheapest quote is the wrong thing to optimise for.