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

Kerakoll UK and Barnfield Construction sign contract to build new Preston plant Barnfield team on new Kerakoll site

Kerakoll UK and Barnfield Construction sign contract to build new Preston plant

27 Jun 2025

2

Scout Moor II meteorological mast gets the green light Cubico

Scout Moor II meteorological mast gets the green light

26 Jun 2025

3

Breck acquires 21-acre Ravenhead Brickworks site for 300 new homes Ravenhead

Breck acquires 21-acre Ravenhead Brickworks site for 300 new homes

26 Jun 2025

4

Conlon marks Employee Ownership Day with family fun celebration, ushering in a new era after 60 years in business Conlon celebrating its first EOT Day with family at Ribby Hall Village

Conlon marks Employee Ownership Day with family fun celebration, ushering in a new era after 60 years in business

26 Jun 2025

5

Lancashire Skills & Employment Hub announces Skills Bootcamps partnership with Northcoders Northcoders skills support

Lancashire Skills & Employment Hub announces Skills Bootcamps partnership with Northcoders

26 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
LBV123 July/August Launch Event
Lancashire Business View magazine launch
Networking
16 Jul 2025

LBV123 July/August Launch Event

Burnley

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

Business Bike Club – July
Chamber Logo1.png.png
LBV Hub Networking
01 Jul 2025 - 01 Jul 2025

Business Bike Club – July

Various, Lancaster, LA

08:00 - 09:30

Chamber Breakfast Networking – July
Chamber Logo1.png.png
LBV Hub Networking
02 Jul 2025 - 02 Jul 2025

Chamber Breakfast Networking – July

St John's Hospice, Slyne Road, Lancaster, LA2 6ST

08:00 - 10:00

The Marketing Metrics that Matter – July 4
LBV Hub Seminars
04 Jul 2025 - 04 Jul 2025

The Marketing Metrics that Matter – July 4

Door4 Office, Burnley Wharf, Burnley, BB11 1JG

08:30 - 11:00

Chamber Summer BBQ
LBV Hub Social
17 Jul 2025 - 17 Jul 2025

Chamber Summer BBQ

The Borough, Dalton Square, Lancaster, LA1 1PP

17:30 - 20:00

Preston Tech Connection: Web3 is Dead. Or is It?
July Longer Banner.jpg.jpg
LBV Hub Networking
29 Jul 2025 - 29 Jul 2025

Preston Tech Connection: Web3 is Dead. Or is It?

Society1, Coworking Space, Preston, PR1 3LT

18:00 - 19:30

Preston Freelancer Meet-Up: July
Longer July Banner.jpg.jpg
LBV Hub Networking
31 Jul 2025 - 31 Jul 2025

Preston Freelancer Meet-Up: July

Society1, Coworking Space, Preston, PR1 3LT

10:00 - 11:30

Cumbria Business Expo 2025
https---cdn.evbuc.com-images-880461633-4862066883-1-original.20241022-110415.jpeg.jpg
LBV Hub Exhibitions
19 Sep 2025 - 19 Sep 2025

Cumbria Business Expo 2025

Carlisle Racecourse, Carlisle, CA2 4TS

09:00 - 15:00

North West Business Expo 2025
https---cdn.evbuc.com-images-880456273-4862066883-1-original.20241022-105445.jpeg.jpg
LBV Hub Exhibitions
24 Oct 2025 - 24 Oct 2025

North West Business Expo 2025

Bolton Stadium Hotel, Bolton, BL6 6SF

09:00 - 15:00

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