What does it mean to you to be prepared for the future?

Cutting back on spending, paying off your debts and making sure you’re getting the best deals possible on your mortgage and banking? While you’re at it, you’re probably saving carefully for a family holiday and planning to check that your energy supplier’s prices are competitive.

Research recently showed we’re more likely to be doing this than buying life insurance. It also showed how uncomfortable people feel about discussing debts, borrowing or their Will with close family members.

On the other hand, many people are very worried about the possibility of themselves or their partner being diagnosed with a serious illness in the next few years – and how it might affect their family.

Many of us fear the worst – but we don’t prepare for it. Less than half of most families are covered by a life insurance policy. Just 13% have critical illness cover, and only 10% have an income protection policy. Getting adequately protected will make those awkward conversations slightly easier if you can tell your loved ones what you’ve put in place for them.

So what’s stopping you getting protected?

1. Cost. Research carried out by Aviva found that 19% of people without life insurance, 24% of people without income protection and 23% without critical illness cover said they couldn’t afford it. If you're within these groups, have a chat to a good IFA. There’s a good chance you could find an affordable deal, or comb through your monthly expenditure to make savings elsewhere.

2. Apathy. Even more than cost, people admitted that apathy stopped them from organising protection. This is where you need to ask yourself some tough ‘what if’ questions. Should the worst happen, where would it leave you and your loved ones? And how would that be different if you had critical illness cover, income protection or life insurance? It’s not to scare you – but it is vital you and your family have a full understanding of the financial risks you are taking.

3. Lack of understanding. The last of the big obstacles to protecting your and your family’s livelihood. It’s true, there are many different types of product on the market, tied into all sorts of different deals with various types of company. Not to mention the ‘wisdom’ of your friends or family regarding insurance. You owe it to yourself to do your own research, find out the facts that are relevant to you, and make a fully informed decision.

If you’ve bought a new or bigger home, changed jobs recently, or you’re thinking about starting a family, it’s a great time to consider protecting your assets and your loved ones.

Or if you’ve simply had the recurring thought for months or years: ‘I must look into this’, then act now.

For a no-obligation discussion about your protection needs, call My IFM today on 0845 0669432.