“I read a fascinating article today based on research by Scottish Widows, which looked at the impact the Covid-19 pandemic has had on the NHS, as well as what its future impact might be. It suggests that a high proportion of people have deferred booking medical appointments for fear of placing further strain on the, already stretched, NHS but raises concerns about what the longer term effects of this may be, for example due to the missed opportunity for early diagnosis.

But the aspect that caught my eye was the fact that only 6% of people have a critical illness policy and only 5% have income protection. This is particularly concerning since it also suggests that, on average, people’s savings would only last around 6 months if their income ceased because they were unable to work. These types of insurance have never been high on most people’s priority list but I believe most people should at least consider them. If nothing else, it might give you the peace of mind of knowing that you’ve dismissed them after full consideration rather than ‘on a whim’.

I recommend everyone speaks to their Independent Financial Adviser about this important aspect of their financial wellbeing. Alternatively, my colleague, Gary Mothersill, or I will be happy to discuss your circumstances so please don’t hesitate to get in touch.”