The penny drops podcast: Why is protection insurance so important?

In this episode Andrea Fox speaks to Kara Gammell, award-winning personal finance journalist and founder of money-saving blog ‘Your Best Friend's Guide to Cash’ to find out everything you need to know about protection insurance.

What will we be talking about?

From life insurance and income protection to critical illness cover, protection insurance can be a great way to help to protect your financial future or that of your loved ones. But how do we work out what cover is right for us? This month we cover:

  • The different types of protection insurance and how they work.
  • How to work out whether you need protection insurance and what’s right for you.
  • The things you should consider when taking out insurance.
  • How joint insurance policies work.
  • The key life stages or events where protection insurance may be important to think about.
  • The affordability of protection insurance and things that can impact the cost of premiums.
  • The importance of keeping your policy up to date and how often you should review it.
  • Checking your employer and benefits package in the event they offer cover.
  • The impact of Covid-19 on protection insurance and policies.

Who is our guest?

Kara Gammell is an award-winning personal finance journalist and founder of money-saving blog ‘Your Best Friend's Guide to Cash’. She has more than a decade of experience writing for national newspapers and magazines, such as The Daily Telegraph, The Sunday Times, The Guardian, The Observer, and The Radio Times, and regularly broadcasts on national TV and radio programmes like BBC News, Radio 4, Times Radio and BBC Radio 5 Live

All views and opinions expressed in the podcast are those of the guest and not of Royal London.

Where can you listen?

You can download and listen to episodes using the iTunes Podcasts, Google Podcasts, Spotify or Castbox apps – just search for ‘The penny drops’. Make sure to subscribe so you don’t miss any new episodes, and please do leave us a review. We’d love to know what you think of the series.

If you don’t have access to an app, you can listen to the podcast online. We’ll send you reminders about any new episodes in your quarterly member emails.

How can you find more information?

Royal London recommends you seek professional independent financial advice before making financial decisions. You can learn more about the value of financial advice on our website.

You can also find lots of helpful information on protection insurance on the following sites:

Life insurance
Income protection insurance
Critical illness cover
General information and guidance

This episode was recorded in March 2021 during the coronavirus outbreak. For the latest information on financial support and benefits, visit

Please note that all topics discussed in this episode can vary depending on your personal circumstances. Any figures quoted were accurate at the time of recording.