Personal Protection

If the worst were to happen, then there are various State Benefits that may help, but most are limited, don’t start immediately and usually only last for a fixed period of time. Until an individual has sufficient assets to clear any debt and provide for themselves and their family, then a protection plan or insurance policy should be considered as a priority - especially where you may have a young family that would need to be provided for upon your death.

There are lots of different types of insurance available, but broadly speaking, there are four main areas of personal protection:

Life Cover
Critical Illness Cover
Income Protection
Accident Sickness & Unemployment Cover (ASU)

Death, sickness or injury can strike at any time. Protection should underpin every aspect of financial planning. All protection plans have one thing in common and that is to produce a sum of money at exactly the time someone needs it most.

A person’s protection needs are influenced by four key factors:

Age
Dependants
Income
Financial liabilities

General information on personal protection can be found at www.moneyadviceservice.org.uk - by clicking this link, you will open a new window of which Sapphire Wealth Management is not responsible for the content.

Personal Protection

​