Are your finances match fit? Why financial protection matters more than you think

Every four years, the World Cup reminds us how quickly fortunes can change. One moment a team is flying high, the next a single injury or unexpected setback can alter everything.

Financially, life works in a similar way.

Many people focus on building their future - buying a home, supporting a family or creating financial stability. But few stop to consider what would happen if illness or injury suddenly prevented them from working.

This World Cup summer is a timely reminder that protecting your finances is just as important as building them.

Don’t leave your finances exposed

In football, a strong defence is essential. The same applies financially.

Most households rely on one or two incomes to cover mortgages, rent, bills and essential living costs. If that income suddenly stopped, financial pressure could build quickly.

Protection is often overlooked - whether due to cost concerns or simply putting it off. But there are solutions designed specifically to provide financial support when things don’t go to plan.

When life throws an unexpected challenge

Football fans know how one injury can change everything. In everyday life, illness or injury can have a similar impact.

Income protection, for example, can provide regular payments if you’re unable to work due to ill health or injury. It won’t replace your full income, but it can help cover essential outgoings while you recover.

Without it, many households may need to rely on savings, credit or support from family to stay on track.

It’s not just about worst-case scenarios

Protection isn’t only about preparing for the most extreme outcomes. It’s about building financial resilience.

• Life insurance can help support loved ones financially if you pass away
• Critical illness cover can provide a lump sum after certain serious diagnoses (as specified by your policy)
• Income protection can help provide income if you’re unable to work

Each plays a different role, helping to strengthen your overall financial position.

Why advice matters

Protection isn’t one-size-fits-all. It depends on your income, lifestyle, family needs and existing benefits.

An adviser can help you:

• Understand what protection you already have
• Identify any gaps
• Explore options that suit your needs and budget

Speaking to an expert can help you make confident, informed decisions.

Get your finances match fit

Just as teams prepare for the unexpected, it’s important to make sure your finances are ready too.

Protection isn’t about expecting the worst - it’s about having a plan if life takes an unexpected turn.

If you’re unsure whether your finances are match fit, speaking to a qualified adviser can help you review your protection and explore your options - so you and your family are better prepared for whatever comes next.

Approved by The Openwork Partnership on 10/06/26.

James Weir Financial Services LLP is an appointed representative of The Openwork Partnership, a trading style of Openwork Limited which is authorised and regulated by the Financial Conduct Authority

Financial protection that keeps up with real life

Life doesn’t stand still and neither should your financial protection.

From getting married to buying a home, growing your family or progressing in your career, life is full of milestones. Each one brings new responsibilities, and often, a greater need for financial protection.

Does what you have in place now still reflect your life today?

Why reviewing your protection matters

Many people set up protection when they first take out a mortgage or start a family and then don’t revisit it.

But as life evolves, so do financial commitments. A policy that once felt reassuring might no longer provide the level of cover you or your loved ones would need.

That’s where flexibility becomes key.

Protection that can adapt with you

Most protection policies include Guaranteed Insurability Options (GIOs).

These features can allow you to increase your level of cover when certain life events happen without needing to go through medical underwriting again.

Typically, you can increase your cover up to certain limits set by your policy - for example, a set monetary amount or a percentage of your original cover - depending on the provider and the type of life event.

In simple terms, that means:

• No new health questions
• No additional medical evidence
• Just the ability to adjust your cover when your needs change

It’s designed to give you peace of mind, knowing your protection can grow alongside your life.

When might you need to increase your cover?

Life events often come with increased financial responsibility. For example:

• A new baby or growing family
  A bigger family means more people relying on your income.
• Moving to a new home
  A larger mortgage or higher household costs can significantly change your financial commitments.
• A new job or pay rise
  With career progression often comes higher earnings and sometimes a higher standard of living.

Keep your cover working for you

Protection isn’t something you set and forget.

Having the option to increase your cover without further medical checks can make it easier to keep your policy aligned with your life, especially as circumstances change over time.

Give us a call today to review your cover and make sure it still meets your needs

If it’s been a while since you reviewed your protection, or if you’ve recently experienced a major life change, now could be a good time to take another look.

A quick conversation could help ensure you and your loved ones remain properly protected, both now and in the future.

Terms, conditions, eligibility criteria and limits apply. Guaranteed Insurability Options vary by provider and policy

James Weir Financial Services LLP is an appointed representative of The Openwork Partnership, a trading style of Openwork Limited which is authorised and regulated by the Financial Conduct Authority

 

What claims data reveals about the impact of protection cover

There has long been a misconception that insurance companies do not pay out on protection policies. It’s simply not true – as proven by the latest ABI data, which shows that insurance companies paid out a record £8bn in valid protection claims in 2024.

To further prove the point and to demonstrate the importance of the likes of life insurance, critical illness cover and income protection, providers will often release their claims data. In these annual reports, they will share key information such as the number of claims paid and the value of claims per type of protection policy alongside a number of key stats and success stories.

So what can we learn about protection cover in these reports? Let’s look at three examples to find out.

Busting the myth

Aviva is one of the UK’s largest protection providers and in 2024, they paid out £1.33bn to customers – settling nearly 53,000 claims. Legal & General is another large protection provider in the UK, paying nearly 21,000 claims in 2024, with over £1bn paid out to customers. This equates to more than £2.9m paid out every single day.

According its latest report, Royal London paid out 98.7% of its claims in 2024, amounting to more than £751m paid out to over 65,000 customers across the UK.

It’s a similar story across the different insurance companies and providers – they are paying out on valid claims. If you have been hoodwinked by this misconception, it’s never too late to have a conversation about putting protection in place.

Cover for the long term

Digging into Aviva’s report, you’ll find that the average duration for an income protection claim is 6 years, 9 months. Income protection provides a financial lifeline should you be unable to work due to illness or injury. Can you imagine trying to keep the bills paid if you were unable to work for over 6 years? Worry not with income protection.

In fact, one of Aviva’s longest-running income protection claims still being paid in 2024 has run for more than 23 years. The customer claimed a couple of years after starting the policy in their 30s and has received more than £1.5m through their monthly benefit.

Straight to the rescue

When taking out such policies, we often hope we never need to claim. However, the reports show that claims can sometimes come almost straight away. According to Legal & General, the shortest length of policy at claim in 2024 was just 3 days for an income protection policy. For critical illness cover, it was slightly longer at only 5 days.

Meanwhile, Royal London revealed that nearly 28% of claims were made in the first five years of the policy.

Think you’re too young? Think again!

It’s also possible for us to think of protection as something we need later in life – not something to worry about while we’re young and fit. The claims reports tell us to think differently.

Aviva’s latest report highlights a 2024 claimant aged just 23 years old for a life insurance policy with critical illness cover. The policyholder received £71,500 for a cancer diagnosis after paying just £10.85 per month for his policy. The youngest claimant recorded by Legal & General was younger again at 20 years old for a life insurance policy.

Across the year at Royal London, more than a quarter (26%) of claimants were under the age of 45.

Cancer is often the leading cause of claims

According to Macmillan, someone is diagnosed with cancer on average every 75 seconds in the UK. It’s hardly surprising then that cancer is regularly the leading cause of claims against protection policies.

Legal & General’s data reveals that 63.4% of critical illness claims are for a cancer diagnosis, followed by heart conditions (12.8%) and strokes (7.4%). Alongside critical illness cover – which provides a tax-free lump sum pay out for specified serious illnesses – cancer is the leading cause of claims for life insurance and children’s critical illness cover. It is also second for income protection, according to L&G.

In the Royal London report, 31.9% of claims on critical illness policies were for breast cancer – the most prevalent cancer among claimants. In 2024, Royal London paid out more than £31m to those with breast cancer, allowing them to focus on their health and recovery, rather than their finances.

Time to consider vital cover?

Whether you don’t have protection in place or your policies were set up years ago, there’s never been a better time to speak to a qualified protection adviser and review your options. Not only does protection provide a financial lifeline for you in the event of injury or illness, it can give peace of mind and security to your family should the worst ever happen.

Don’t leave anything to chance, and don’t believe any misconceptions. Speak to an adviser today and explore your options.  

Approved by The Openwork Partnership on 20/05/26.

 

James Weir Financial Services LLP is an appointed representative of The Openwork Partnership, a trading style of Openwork Limited which is authorised and regulated by the Financial Conduct Authority.

 

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