Six personal insurance tips

By TP Financial Solutions

17 Jun 2022

tp-financial-april-2022-low-res-36.jpg

1.      Don’t get hung up on the cost.

Lots of people put off buying insurance because they assume it’s too expensive. Insurance can be varied to suit most budgets. The key here is getting the RIGHT cover and thinking about the cost of not having insurance when something goes wrong.

2.     Don’t underestimate your needs

Many people underestimate their needs or pick a smaller number than they’d like to try and cut down on costs.  It’s really important to try and do your sums first, otherwise you may run the risk of selling your beneficiaries short.

There will be different factors to consider.  If you’ve already built up a significant savings pot, you may not need so much cover.  On the other hand, if you have a spouse or a family, you may want to ensure that there is enough in the pot to provide for them in the long-term.   You’ll want to look at the amount of mortgage debt you have, other debts and expenses that need to be paid.  Are their education costs coming up in the future or would your spouse need to give up work to look after the children?

3.     Don’t put it off too long.

The sooner you get cover, the cheaper it is likely to be. Many people wait until they are homeowners or married with a family before buying life insurance.  However, you’ll run the risk of higher premiums or even being denied coverage if you develop a serious illness as you get older.

It’s definitely never too early to think about getting insurance to protect your finances in the future. 

4.     Don’t forget to review your policy.

We see this a lot. Clients take out insurance at one stage of their life and never consider it again, our circumstances change so frequently we really should be reviewing our insurance every time a big life event happens. New job, new house, children, additional debt, marriage. All of these have an effect on the insurance you should have in place.

5.     Don’t assume your policy won’t pay out

As long as you buy a life insurance policy from a reputable provider, we can assure you that life insurance isn’t a scam.  If you’ve provided truthful, accurate information, there shouldn’t be any reason why your insurer declines the claim.

6.     Avoid comparison sites and speak to a person.

Algorithms can be great for simple needs, there are so many variations is what cover people need and why, an algorithm is likely to get a recommendation wrong, as it doesn’t match you and the specific nuances of your circumstances.

As a qualified adviser I can tailor a recommendation to you, and your family’s needs. Also, using a local adviser keeps the commission from the policy local. It is free to talk to an adviser about insurance, our charge comes from the insurance provider in the form of a commission, if you don’t go ahead with a recommendation, you’re not out of pocket.

You can’t beat speaking to a human, if I ever needed to claim on insurance policy, I would want an adviser on my side helping me through that difficult stage, definitely not a virtual meerkat! 

Tarnia ElsworthDirector and Protection AdviserPhone 01524 920015 Mobile 07951113654Web tpfinancialsolutions.co.uk/protection Email [email protected]

Latest news

1

College restaurant honoured with top culinary award from prestigious chefs’ guild Karen Lilley Front Of House Lecturer David McKown David Lyon Scholars Manager And Blackburn College Principal Dr Fazal Dad

College restaurant honoured with top culinary award from prestigious chefs’ guild

10 Jun 2025

2

Cosmetic manufacturer lets new unit on Frontier Park, Burnley Badgequo have agreed to let the site on Frontier Park

Cosmetic manufacturer lets new unit on Frontier Park, Burnley

10 Jun 2025

3

SQ Digital celebrates 25 years and enters new era with CEO appointment Kamal Essa

SQ Digital celebrates 25 years and enters new era with CEO appointment

09 Jun 2025

4

New chair appointed to Atlas BFW Management Graham Cowley

New chair appointed to Atlas BFW Management

09 Jun 2025

5

Napthens makes key appointments to further growth strategy of newly appointed managing director Napthens appointments Jayna Mistry, Onyeka-Obedi and Rebecca Rhodes

Napthens makes key appointments to further growth strategy of newly appointed managing director

09 Jun 2025

Background image for hub sign up block

LBV Hub

Leverage Lancashire Business View platforms

Post your news
Post your events
Post your offers
Build your network
Improve your SEO
Gain coverage in the magazine
Sign-up
Events
Sub36 Networking
Sub36 Social1200pxandi Lewis
Networking
11 Jun 2025

Sub36 Networking

Mytton Fold Hotel , Blackburn , BB6 8AB

09:30 - 11:00

Lancashire Net Zero Carbon Conference
Net Zero Carbon Social 1200pxtrident 2
Networking
18 Jun 2025

Lancashire Net Zero Carbon Conference

Crow Wood Hotel & Spa Resort, Burnley, BB12 0RT

08:30 - 13:00

LBV123 July/August Launch Event
Lancashire Business View magazine launch
Networking
16 Jul 2025

LBV123 July/August Launch Event

Burnley College Industry Hub, Burnley, BB120AN

08:30 - 10:30

Lancashire Built Environment Conference 2025
BEC 315 X 315 Px
Networking
25 Sep 2025

Lancashire Built Environment Conference 2025

Blackpool Football Club, Blackpool, FY1 6HX

08:30 - 13:00

CMI Level 5 Management and Leadership Course
UCLanAerialCampus.jpg.jpg
LBV Hub Seminars
21 Feb 2025 - 21 Feb 2026

CMI Level 5 Management and Leadership Course

Preston Campus, Preston , PR1 2HE

09:00 - 17:00

CMI Level 5 Project Management Course
UCLanAerialCampus.jpg.jpg
LBV Hub Seminars
21 Feb 2025 - 21 Feb 2026

CMI Level 5 Project Management Course

Preston Campus, Preston, PR1 2HE

08:00 - 17:00

RISE - The Academy for Female Leaders and Managers
WENDY BOWERS RISE Illustrstion copy.jpg.jpg
LBV Hub Seminars
02 Apr 2025 - 08 Oct 2025

RISE - The Academy for Female Leaders and Managers

East Lancashire Chamber of Commerce, Clayton le Moors, BB5 5JR

09:00 - 15:30

Preston Freelancer Meet-Up
LBV Hub Networking
12 Jun 2025 - 12 Jun 2025

Preston Freelancer Meet-Up

Society1, Coworking Space, Preston, PR1 3LT

10:00 - 11:30

The Business Network Central & East Lancashire
LBV Hub Networking
12 Jun 2025 - 12 Jun 2025

The Business Network Central & East Lancashire

Stanley House, Blackburn, BB2 7NP

11:30 - 14:15

Midnight Oil: The Entrepreneur’s Journey: Scaling Strategies with Brad Waldron
BU-June-Event-BRAD-1.jpg.jpg
LBV Hub Networking
18 Jun 2025 - 18 Jun 2025

Midnight Oil: The Entrepreneur’s Journey: Scaling Strategies with Brad Waldron

Blackpool Football Club, Bloomfield Rd, Seasiders Way, Blackpool, FY1 6JJ

08:30 - 11:30

Chamber Business Lunch – June
Chamber Logo1.png.png
LBV Hub Networking
20 Jun 2025 - 20 Jun 2025

Chamber Business Lunch – June

Lancaster House Hotel, Bailrigg, Lancaster, LA1 4GL

11:00 - 13:30

90 day Business Planning Workshop
LBV Event Header.png.png
LBV Hub Seminars
20 Jun 2025 - 20 Jun 2025

90 day Business Planning Workshop

Bolton Arena, Arena Approach, Horwich, BL6 6LB

09:00 - 16:30

Advertise with us

Reaching 50,000 members, our print, digital and event platforms offer a fantastic way to raise your business profile and help you grow.

Find out more LBV122 Online Graphic
Subscribe now

Weekly news bulletin