1. DIY doesn’t work. Relying on your own assets to protect your wealth can be problematic, particularly if you need the money quickly. How long would your assets take to sell? What about the tax implications? And is it the best time in terms of getting a good price?
2. It avoids delays. If you pass away without the right cover in place, it could take months, perhaps years, for your family to battle through the lengthy probate process and access your wealth. That’s added stress at an extremely difficult time.
3. Your loved ones could lose their home. Without protection, if you’re no longer around or unable to work it may force you or your loved ones to sell your home, and quickly – even if market conditions mean having to sell at a reduced price.
4. It keeps your money on track. You may have set aside savings for school fees, university costs or first home deposits, but have you planned for an event that could pull your money away from those things?
5. It pays out more often than ever. Protection insurers paid out £6.8 billion in 2022 to support people experiencing bereavement, illness and injury, according to the Association of British Insurers. And the number of new individual claims paid has stayed consistent at around 98% since 2017. Over half the 2% not paid was due to customers failing to tell their insurers key details about themselves when they took out the policy.
   

Find out more about the importance of protection in our interview with NatWest Protection Advisor Tony Starns. To find out more about how NatWest Premier could help you prepare for the unexpected, call Premier 24 to set up a meeting with the Premier team.

Premier 24:

• Telephone: 0333 202 3330
• International: +44 161 933 7239
• Relay UK: 18001 0333 202 3330

Or talk to us via Webchat.