What if your pay stopped tomorrow? Why protection policies really matter

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Mouthy Money

105 episodes

5 days ago

Welcome to the Mouthy Money podcast hosted by editor and personal finance expert Edmund Greaves. Mouthy Money puts the personal back into personal finance. Money shouldn't be about numbers and graphs but about the experiences and issues that real people face. From why private equity has ruined vets to runaway inflation in Argentina, each week, we'll take a deep dive into essential financial topics, with regular expert guests.

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What if your pay stopped tomorrow? Why protection policies really matter

Mouthy Money

37 minutes 56 seconds

2 months ago

What if your pay stopped tomorrow? Why protection policies really matter

What would happen if your salary suddenly stopped? Most ofus live month-to-month on our pay, but few have a real safety net. In this episode, Edmund Greaves and Chris Tuite (MRM) sit down with Dale North, CEO of Pure Protect, to demystify the world of “protection”: life cover, critical illness, income protection, and family income benefit.

We talk about the shocking reality that the average incomeprotection claims tend to last months and years, not weeks. How COVID changed the way people think about fragility of their income. The reality around claims payouts and why you should review your protection cover every two years and notjust set and forget.

Packed with real client stories and practical examples, thisepisode is a clear roadmap to building a contingency plan your family will thank you for.

Chapters:
00:00 What if your pay stopped tomorrow?
01:20 What “protection” really means
03:36 Why mortgages trigger protection conversations
06:53 The shocking stat on income protection claims
09:35 COVID and the fragility of income
12:38 Making cover affordable
13:13 Family Income Benefit explained
15:32 Real client stories of protection in action
16:21 Do insurers really pay?
20:12 Costs, commissions, and affordability
26:34 Two incomes, unequal risk
27:05 The advice journey and underwriting
33:08 Don’t set & forget: reviews matter
36:00 Trusts: faster payouts, fewer headaches
38:18 Wrap-up & actions

SHOW NOTES

Visit Pure Protect at pureprotect.co.uk

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DISCLAIMERThis video is produced for general informational purposes only. It should not be construed as investment, legal, tax, mortgage or other forms of financial advice. If in any doubt about the themes expressed, consider consulting with aregulated financial professional for your own personal situation. Past performance is no guarantee of future results. Investments can go down as well as up and you may get back less than you started with. Investments are speculative and can be affected by volatility. Never invest more than you canafford to lose. For more information visit ⁠⁠⁠www.fca.org.uk/investsmart⁠