There are many misconceptions about protection, and these can sometimes stop people from exploring options that could provide valuable financial security. In this chapter, we'll look at some of the most common myths and explain the reality behind them.
By the end of this chapter you’ll understand:
✓ Some of the most common myths about protection.
✓ Why many assumptions about protection aren’t always true.
✓ Why protection isn’t just for homeowners or families.
✓ Why reviewing your options can be worthwhile, even if you’ve looked before.
✓ How speaking to an adviser can help you make informed decisions.
Estimated Reading Time: 7 minutes
Myth 1 – “I’m young and healthy, so I don’t need protection.”
It’s great to be healthy, but protection isn’t designed just for people who expect something to happen. In fact, many people arrange protection while they’re young because:
Protection is about preparing for the unexpected, not expecting the worst.
Myth 2 – “Protection is too expensive.”
Many people overestimate how much protection costs. The cost depends on factors such as:
Protection can often be tailored around your budget, allowing you to prioritise what’s most important without paying for cover you don’t need.
Myth 3 – “My employer looks after me.”
Some employers offer benefits such as Death in Service or Sick Pay, which can provide valuable support. However, these benefits often:
It’s worth understanding exactly what benefits you have and whether they’re enough for your circumstances.
Myth 4 – “Nothing will happen to me.”
Nobody likes to think about becoming seriously ill or being unable to work. Unfortunately, illness and injury can affect anyone, often without warning. Protection isn’t about predicting the future, it’s about giving yourself and your family financial options if life doesn’t go to plan.
Myth 5 – “I already have savings.”
Savings are incredibly valuable and can help cover unexpected expenses. However, ask yourself:
For many people, protection and savings work best together rather than replacing one another.
Myth 6 – “I arranged protection years ago, so I’m covered.”
Your life changes over time. Since arranging your protection, you may have:
A policy that suited you five years ago may no longer provide the level of protection you need today. Regular reviews help ensure your cover continues to match your circumstances.
One of the most rewarding conversations we have with customers is when they realise protection is more flexible and affordable than they expected. Often, they simply hadn’t had the opportunity to explore the options available to them.
“If I make a claim, insurers won’t pay.”
This is one of the biggest myths surrounding protection.
The vast majority of valid claims are paid by insurers each year. Claims are assessed against the terms and conditions of the policy, so it’s important to answer questions honestly when applying and to understand exactly what your cover includes.
Choosing the right policy with the help of an adviser can give you confidence that your cover is suitable for your needs.
✔ Protection isn’t just for older people or families.
✔ Cover can often be tailored to suit different budgets.
✔ Workplace benefits may not provide all the protection you need.
✔ Reviewing your protection regularly is just as important as arranging it.
✔ Understanding the facts helps you make informed decisions.
Next Chapter →
Reviewing Your Protection
In the final chapter, we’ll explain why reviewing your protection regularly is so important and how a simple review can help ensure your cover continues to meet your needs as life changes.
