Lessons from Covid-19 – Being Prepared for the Unexpected

Five months ago, if someone had told you that there would be an outbreak of a virus that would effectively bring the world to a standstill, would you have believed it? Even now, at times it’s hard to think that any of this has happened; it’s almost as if you’ll wake up one day and it will have been one, long, bad dream.

Covid-19 is likely to be the biggest global health pandemic many of us will ever experience in our lives. A crisis such as this hasn’t been seen since 1918 and according to many experts, viruses such as this are a once in a century occurrence. Perhaps the most shocking thing is the speed at which the outbreak and subsequent restrictions progressed; catching the vast majority of us completely off guard.

Unfortunately, other health scares and concerns on an individual level are not so unlikely. We have all read the statistics around cancer; 1 in 2 UK people will be diagnosed with cancer in their lifetime according to Cancer Research UK. Similarly, we will all know someone who has been affected by a serious accident – on the roads, at work or even in the home.

Yet even in light of this knowledge, we, on the whole, fail to protect ourselves and our loved ones financially via the numerous insurance policies available.

Income Protection Assurance is just one such insurance. It provides an income if an individual is ill long term. Usually speaking, it pays a maximum of 60% of income, tax free.

Critical illness Cover is another type of policy that provides a lump sum payment upon diagnosis of serious illnesses.

Life assurance provides a fixed one off payment upon the death of a named policy holder to help provide financial security to remaining loved ones.

The fact of the matter is that life is unpredictable. None of us want to think about the bad things that may happen to us or our family members, and it seems that our aversion to morbid thinking takes precedence over taking the sensible and usually straightforward precaution of putting policies in place. Yet for a relatively small sum per month, it can be possible to have the peace of mind that should you – or any member of your close family – encounter one of life’s nasty ‘surprises’, financial support will be payable.

Covid-19 has brought many things into focus across a variety of aspects of our lives. It’s made us appreciate the things we have and are able to do; the freedoms we ordinarily enjoy and the people we love.

If events over the past few months have prompted you to think about the ways in which you can protect yourself and your family in the future, please contact us to discuss the range of insurance policies available. As Chartered Financial planners, Gresham Wealth Management’s advisers are qualified to advise on life and wealth protection products.


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