I don't need protection because "my medium has seen me alive and well celebrating my 80th birthday"

One of the most common reasons I hear from people for not taking out critical illness or life cover is that "I don't need protection because it won't happen to me". Either that, "it's too expensive" or something along the lines of "I have savings" or "my friends and family will help out if something goes wrong." However, it's eye-opening to note that a basic cover plan could start from the price of a weekly coffee and snack, yet many still overlook the importance of such protection. It's crucial to remember that while no one expects the worst, being prepared can make all the difference. Having some cover is better than having no cover.

"I don't need insurance because I have cover through work." This is a common reason given, but often when digging deeper people realise how fragile this form of protection is, as it's based on them remaining with that same employer indefinitely and is also rarely aligned with the cover they actually need to give them the outcomes they'd like if a claim was ever made. In an ideal world we'd all have tons of insurance cover but this has to be balanced with the cost of the premiums. We all hope that any insurance we pay for is a complete waste of money as we'll never need it, but unfortunately the real-life stats tell a different story.

"I don't need protection because my family will look after me" is the most common reason I'm given. On top of that, many people feel they are immortal and won't ever need insurance, and that it's an unnecessary outlay. So many people assume that their parents will pick up with the protection gap rather than take on personal responsibility. Protection really should be at the forefront of people's minds and professional advice should be sought rather than visiting the comparison sites as there are many things to consider and take into account that these sites do not.

Lots of people do not prioritise financial protection policies because they think they are a waste of money. They spend spare cash on takeaways or other non-essentials, some even insure their pets but not their family. Many do not take insurance because they do not think they will get ill. They say it won't happen to them. Some say they will sell their house to cover their costs and as they don't have children it is not a priority. Ultimately the younger and healthier you are, the cheaper the price. Critical illness cover is designed to pay a cash lump sum to pay for immediate problems, like private treatment or taking time off work; some policies also cover children. Life insurance pays out if you die or you have a terminal illness. We recently secured a £30,000 payment for a customer whose child was taken ill the day after he was born. During an annual protection review, we found out about the issue and processed a claim. The parents did not know they were due a lump sum payment.

The most common reason is that people just say it's too expensive or they just don't need it as nothing like that has ever happened to them. Worse is when they say don't worry, my family will help me out but have had no conversations with my family about this. Some people believe that their employer will protect them and won't even consider that they may have to change jobs or that when they do it will be a much better package. We make the conversation front and centre and talk to borrowers about budgeting for suitable protection as part of their mortgage not as an add-on or perk they don't need.

People often think that family will support them. The probably will, but the financial impact of having a critical illness can be much greater than people expect. So, whilst family will do their utmost to support you, they may not be able to take on all of your financial commitments. It is much better to make your own arrangements and have the certainty that you and your family are protected.

The most common reasons given are always 'I'm fit and well' and 'it won't happen to me'. This totally ignores the fact that, statiscally, 1 in 2 people will get diagnosed with cancer. Leaving family and loved ones to pick up the pieces when you have gone, or worse, having to set up a go fund me page becuase you didn't get your ducks in a row, is the most irresponsible thing a person can do, especially if they have had protection explained to them by an adviser. People need to urgently rethink their priorities.

I often find that mortgage borrowers will only take what is mandatory, such as home insurance, rather than think about the wider implications of having little or no life or critical illness cover in place. Sadly, all too often mandatory insurance can result in misery. As the mortgage has been such a stretch to afford, and the payment high, rather than ensuring that the risks are minimised the opposite happens. Borrowers too often shy away from protection with little or no back-up plan if a problem occurs.