Financial resilience

Protecting what is important to you

When it comes to our money and our plans, it can be hard to balance short-term wants, long-term dreams and those unexpected events that are out of our control.

But considering ‘what if’ is a vital part of financial planning, to ensure financial security and protection against unforeseen life-changing circumstances or events. You never know what the future may hold – so it helps to be prepared for the unexpected.

Unexpected event
There are various complex risks in life that we all face, such as serious illness, an accident or death. What would happen if something were to happen to you? Would your family be able to cope financially with the impact an unexpected event might have?

These are not easy questions to ask but it is important to consider what would happen if an unexpected event or accident took place, and how you could protect your family from the financial effects of serious illness or death.

Life protection
It’s easy to underestimate our own value. We insure our homes, cars, valuables and pets, but often we forget about life protection and insuring our income that provides for all of the above.

Have you ever thought about how quickly your life and circumstances can change? One of the many things the past few years has highlighted is that the unexpected can happen at any time, to anyone, and that it’s really important to have a financial safety net and financial resilience in place just in case.

Financial support
Despite the COVID-19 pandemic triggering more people to think about their own mortality, there are still 32.9 million (63%) people who have never thought about or do not have an active life insurance policy in place[1]. This means that should they die or fall seriously ill, their family and loved ones will receive no financial support.

Research also highlighted that the pandemic increased demand for income protection (39%) and critical illness cover (36%)[2].

Outside influences
But financial protection – be it life cover, critical illness cover or income protection – is often overlooked. Even the best-laid plans can go off course and many outside influences could affect your financial situation. Protection can act as a capital injection at times when you need it most.
You should consider the financial implications for your family if you were to die or suffer a serious illness, especially if you are the breadwinner. Deciding what your priorities are and understanding what options you have are key parts of the protection planning process. This
will help you ensure you have the financial protection most suitable for your circumstances.

Source data:
[1] Research among 2,002 UK adults conducted by Opinium Research between 9–12 March 2021. Grossed up figures were derived by dividing those that gave this option by the total sample size, then multiplying by the UK adult population: 220 UK adults have taken out or thought about life insurance since March last year / 2,002 (total sample) * 52,673,000 (UK adult population) = 5.8 million. 1,251 UK adults have not taken out or thought about life insurance / 2,002 (total sample) * 52,673,000 (UK adult population) = 32.9 million.
[2] Zurich UK online survey (15 October – 22 December 2020)

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