Protection needs and misconceptions

There are some interesting statistics coming out of the latest Health & Financial Fears research conducted by The Exeter – a leading provider of protection plans in the UK.
Here are some highlights of what consumers think about protection and puts some of the most common objections in the spotlight:

“I can’t afford it” – we asked how much people thought income protection costs and the average from our research was £11 per month more than the actual average cost.

“I’ll get support from the Government” – a third of people believe they will receive more than £126 a week from the Government if they are unable to work but current Statutory Sick Pay is only £109.40.

“I’ll use my savings” – 87% of people have changed their spending habits because of cost of living rises and over a third now save less than £100 a month. However, savings won’t last long – the Office for National Statistics reports the average weekly expenditure for all households rose to £528.80 in the 12 months up to March 2022.

“I don’t need it” – nearly half of consumers are worried about a loss of earnings due to illness, but only 13% have income protection in place!
If any of these concerns resonate with you then come to us for a free, no obligation chat about what you need, what is affordable for you and how we can help you plan a safer future for you and your family.
Even if you don’t think you can put protection in place because of health issues then still get in touch we have access to many products that don’t require health checks.

www.brookswealth.co.uk     01733 314553     info@brookswalth.co.uk