The year 2020 has been a reminder of how important it is to be prepared for any eventuality.
The current crisis has drastically altered people’s routines. In some circumstances this has brought loved ones closer and allowed many to re-calibrate their work-life balance for the better. However, with the ever-growing media presence on the pandemic, it has also made people reflect on their overall wellbeing, priorities and even their own mortality.
Collectively this has created a real sense of uncertainty with job security, wellbeing (physical, mental and financial) against a horizon which many hadn’t anticipated.
Naturally many have focused their thoughts on physiological and safety needs first and foremost and protecting those closest to them. Not just physically but financially too, with many households taking the opportunity to strengthen their financial position, triggering a growing need for protection insurance.
Many have emphasised the importance of insurance, and those with individual protection policies in place have seen the true benefits. Moving forward, we may see a change in attitudes towards cover, with individual protection becoming more of an essential than a nice-to-have.
Cover for all the family
More than anything, the current crisis has highlighted the importance of protecting those you care about.
With people spending more time at home and juggling more caring duties, having a policy that covers your family can reduce the weight of responsibility.
The home is the most common location for accidents, with children under the age of five and those over the age of 65 most likely to sustain an injury at home. Being prepared will go some way towards providing peace of mind.
Security for the self-employed
Having financial support in place at times like these is crucial.These anxieties are particularly pertinent for self-employed people, many of who are suffering from income losses and do not have access to workplace income protection through an employer. For those affected, having access to additional cover such as mortgage protection insurance has been a vital safety net.
With a global recession looming, it is important for workers to consider how they would cover their living expenses during periods of illness or unemployment. Mortgage payments are likely to be one of people’s biggest monthly outgoings and, in addition to the major upheaval we have all experienced this year, no one should have to fear losing their home. With mortgage protection, workers can ensure that they will be able to cover loan repayments in times of financial instability.
Managing mental health
Prior to the pandemic, mental health services were already struggling to meet rising demand, and this problem was magnified by the lockdown period. With a recent study revealing that more than half of adults (60%) and over two thirds of young people (68%) experienced a decline in their mental health during lockdown, access to support has become even more of a priority.
Some individual protection cover have benefitted from guaranteed around-the-clock support from experts on topics such as general wellbeing, family issues, caring responsibilities, bereavement and probate, meaning that there has always been someone on hand in times of need. With face-to-face services less readily available.
Supporting our recovery
Managing our personal resilience and health and wellbeing are a simpler fix than perhaps finding a solution to uncertainty and the challenges the pandemic has brought. However, taking the necessary steps to protect ourselves, our families and our active lifestyles can be provided with the right protection product. It’s so important that we prepare for the everyday that we are all finding ways to be grateful for as well as the longer-term protection which provide invaluable financial support should the worst happen.
With so much demand for protection, there has never been a better time to ensure individuals and their families have the protection they need to provide greater peace of mind as we navigate life together.