Let’s consider it’s like creating your perfect ‘6 slice pizza’ – I know bear with me!

When people apply for insurance they often have a specific worry that has come to mind that they are wanting to solve. Examples might be:

- Ensure the mortgage is paid off

- Ensure the family can pay the Bills etc

Each family will have different needs for Insurance, and taking the Pizza scenario each family member will want a different topping.

A bit like our Car, Buildings & Contents, Travel or Mobile Phone Insurance. Protection Insurance is designed to give you peace of mind if things go wrong.

It’s something that we pay for as a ‘just in case’ but have our fingers crossed that we will never need to use.

The first thing that people usually want is life insurance, then critical illness often pops to mind, and income protection is often the last one that is considered.

But the likelihood of claiming on insurance is highest for income protection, then critical illness cover, and then life insurance.

Where do you start? Let’s take a look. Let’s build our Pizza!

Example of a package might be:

- Always a good base - Income protection / Sick Pay cover – enables you to maintain your lifestyle, mortgage repayments, bills etc

- A good sauce - Life insurance – clearing the mortgage in the event of death

OK now to our 4 Toppings

- Sticking local and adding our ‘Cheddar’ Cheese – make this some Critical illness cover, maybe for the mortgage or a lump sum to your retirement age

- Adding some Onions & Peppers – maybe this is the Family income benefit until the children are financially independent

- Adding some Pepperoni – maybe this is the Childrens cover – if they break a bone or suffer a major illness that sees them in hospital. Would you like to think financially you can be there to support them through? I imagine Yes

- Finally add some Spice - ‘Value-added benefits’ – which may include:  24/7 online GP/ Mental health support / Rehabilitation services / Second medical opinion services / Wellbeing services / Parent and child cover

There are so many ways to arrange protection insurance and you might need all of the above so something a bit tasty, you might need a couple of bits maybe leaving out the Pepperoni & Spice, or you might only need one or two and have maybe a Margherita!

The options above are generally a good mix of life insurance, critical illness cover and income protection for a family with children.

If you are single and have no children then you most likely want to be focusing on income protection and critical illness cover.

Here’s what they all mean in simple terms / no jargon:

- Life insurance and critical illness cover – pays out if you die or are diagnosed with a critical illness.

- Family income benefit – it’s life insurance or critical illness cover so if you die or become critical ill it will pay your family a set income each year

- Income Protection – will pay you a monthly income if you are ill and unable to work

- Children’s Cover – this type of policy can cover Critical Illnesses / broken bones and much more

The value-added benefits you might not have heard of. These are non-contractual but amazing. Depending upon your insurer you can get access to remote GP appointments, nutrition and exercise experts, mental health support and more.

When you are looking at protecting your family with insurance there are lots of ways to create a package that fits.

Using our ‘Build a Pizza’ idea - Start from a good base add your chosen toppings and create something tasty for the whole family.

Our advisers, as always, are here to make sure that you and your loved ones have the peace of mind that comes with insurance.