Six personal insurance tips

By TP Financial Solutions

17 Jun 2022

tp-financial-april-2022-low-res-36.jpg

1.      Don’t get hung up on the cost.

Lots of people put off buying insurance because they assume it’s too expensive. Insurance can be varied to suit most budgets. The key here is getting the RIGHT cover and thinking about the cost of not having insurance when something goes wrong.

2.     Don’t underestimate your needs

Many people underestimate their needs or pick a smaller number than they’d like to try and cut down on costs.  It’s really important to try and do your sums first, otherwise you may run the risk of selling your beneficiaries short.

There will be different factors to consider.  If you’ve already built up a significant savings pot, you may not need so much cover.  On the other hand, if you have a spouse or a family, you may want to ensure that there is enough in the pot to provide for them in the long-term.   You’ll want to look at the amount of mortgage debt you have, other debts and expenses that need to be paid.  Are their education costs coming up in the future or would your spouse need to give up work to look after the children?

3.     Don’t put it off too long.

The sooner you get cover, the cheaper it is likely to be. Many people wait until they are homeowners or married with a family before buying life insurance.  However, you’ll run the risk of higher premiums or even being denied coverage if you develop a serious illness as you get older.

It’s definitely never too early to think about getting insurance to protect your finances in the future. 

4.     Don’t forget to review your policy.

We see this a lot. Clients take out insurance at one stage of their life and never consider it again, our circumstances change so frequently we really should be reviewing our insurance every time a big life event happens. New job, new house, children, additional debt, marriage. All of these have an effect on the insurance you should have in place.

5.     Don’t assume your policy won’t pay out

As long as you buy a life insurance policy from a reputable provider, we can assure you that life insurance isn’t a scam.  If you’ve provided truthful, accurate information, there shouldn’t be any reason why your insurer declines the claim.

6.     Avoid comparison sites and speak to a person.

Algorithms can be great for simple needs, there are so many variations is what cover people need and why, an algorithm is likely to get a recommendation wrong, as it doesn’t match you and the specific nuances of your circumstances.

As a qualified adviser I can tailor a recommendation to you, and your family’s needs. Also, using a local adviser keeps the commission from the policy local. It is free to talk to an adviser about insurance, our charge comes from the insurance provider in the form of a commission, if you don’t go ahead with a recommendation, you’re not out of pocket.

You can’t beat speaking to a human, if I ever needed to claim on insurance policy, I would want an adviser on my side helping me through that difficult stage, definitely not a virtual meerkat! 

Tarnia ElsworthDirector and Protection AdviserPhone 01524 920015 Mobile 07951113654Web tpfinancialsolutions.co.uk/protection Email [email protected]

Latest news

1

Eurofighter deals secure thousands of jobs Typhoon production in Samlesbury, Lancashire

Eurofighter deals secure thousands of jobs

24 Dec 2024

2

Rospen shares global reach and industry expertise with MP Grant McGeever and Sarah Smith MP

Rospen shares global reach and industry expertise with MP

23 Dec 2024

3

The Flow Group acquires Blackburn based Modern Bookbinders in strategic asset purchase The Flow Group's Richard, Mick and Helen

The Flow Group acquires Blackburn based Modern Bookbinders in strategic asset purchase

23 Dec 2024

4

fulfilmentcrowd reports record-breaking performance LeeThompsonfulfilmentcrowd

fulfilmentcrowd reports record-breaking performance

20 Dec 2024

5

Record year for Grant Thornton Northern deals team The team

Record year for Grant Thornton Northern deals team

20 Dec 2024

Background image for hub sign up block

LBV Hub

Leverage Lancashire Business View platforms

Post your news
Post your events
Post your offers
Build your network
Improve your SEO
Gain coverage in the magazine
Sign-up
Events
The Lancashire Festival of Business
FOB 315
Exhibitions
30 Jan 2025

The Lancashire Festival of Business

Impact Conferencing, Burnley, BB12 6QP

09:30 - 16:00

Skills Bootcamp in Procurement - Cohort 3
Blue-Modern-Land-Travel-Youtube-Thumbnail-2-1024x576.png.png
LBV Hub Awards
14 Jan 2025 - 18 Mar 2025

Skills Bootcamp in Procurement - Cohort 3

Community & Business Partners CIC, Blackburn, BB2 3UA

09:30 - 13:00

Preston Tech Connection - January Meet-Up
Nov Preston Tech Connection event banner-4.png.png
LBV Hub Networking
15 Jan 2025 - 15 Jan 2025

Preston Tech Connection - January Meet-Up

Society1 Coworking Space, Preston, PR1 3LT

18:00 - 19:30

R.I.S.E. and Shine
thumbnail_Emma Weston Illustration WENDY BOWERS RISE Illustrstion.jpg.jpg
LBV Hub Seminars
16 Jan 2025 - 16 Jan 2025

R.I.S.E. and Shine

East Lancashire Chamber of Commerce, Clayton le Moors, BB5 5JR

08:45 - 11:00

The Business Network Central & East Lancashire
LBV Hub Networking
16 Jan 2025 - 16 Jan 2025

The Business Network Central & East Lancashire

Mytton Fold, Langho, BB6 8AB

11:30 - 14:15

LBV120 Magazine Launch Event
DSC9389
Networking
17 Jan 2025

LBV120 Magazine Launch Event

Lancastrian Suite, Town Hall, Chorley, PR7 1DP

08:30 - 10:30

Red Rose Awards 2025
Red Rose Awards 2025
Awards
13 Mar 2025

Red Rose Awards 2025

Winter Gardens Blackpool

18:00 - 11:59

Advertise with us

Reaching 50,000 members, our print, digital and event platforms offer a fantastic way to raise your business profile and help you grow.

Find out more LBV118 Online Graphic
Subscribe now

Weekly news bulletin