There are many analogies for life – a journey, a rollercoaster and, famously, a box of chocolates. Generally, though, they’re all saying the same thing: that there’s always going to be a few twists and turns along the way.
These ‘twists and turns’ aren’t usually good though, so we try not to think about them, or hope that they’ll never happen to us. It’s not fun for anyone to consider things like dying young, suffering a serious illness or losing an income.
However, with no crystal ball to predict the future, it’s hard to know what lies ahead. That’s why it makes sense to protect yourself and your family financially should anything happen to you – just like you’d protect your home or car from damage or theft. But, in reality, we don’t usually take out this type of cover until we’re facing an important life-changing event, or we experience some form of crisis.
At Royal London, we think that protection insurance should be given more consideration and reviewed on a more regular basis. Protecting yourself should become a key part of any financial plan, especially if you’re carrying some debt, are married, have or are thinking of starting a family, or run a business.
Run for Cover
To help we’ve developed an online game called Run for Cover, which attempts to recreate the more general aspects of life, as well as a few of those surprising turns in the road that can be thrown at us from time to time.
By playing you’ll discover how you’re likely to handle some of these ups and downs, as your responses will allow you to discover what your attitude is to planning for the future. This may highlight some areas in your life that could be better protected. And even if you’ve got cover in place, it might be worthwhile checking that it’s still continuing to meet your needs.
The value of financial advice
Regardless of your situation, it’s always a good idea to speak to an impartial financial adviser. They can assess your situation and help guide you towards the right cover to suit your needs. You may be charged for this advice, though.
Whatever you want out of life, it could pay to take five minutes to review where you are and whether you’ve got enough cover in place, in case you experience any bumps in the road. Like Forrest Gump once told us: “You never know what you’re going to get!”