Users are asked basic questions about their essential bills, mortgage and children, which takes no more than 5 minutes to complete, before a simple guide to their protection needs appears.
Based on the answers provided the tool, which is for guidance purposes only, provides the following information:
• % risk of being unable to work for 2 or more months
• % risk of passing away before age 65
• Appropriate levels of cover for income protection and life insurance
• Guidance on which policy options to choose
“It can be difficult for busy families to find the time to research all the different products and options” said Tom Conner, director at Drewberry Insurance.
“This new tool helps people to better understand the financial risks they face as well as providing a simple guide on which products can cover those risks and which options to choose.”
Chairman of the Income Protection Taskforce, Peter Le Beau said: “We know only too well about the low level of awareness of income protection amongst the public. This tool is designed to help people think about more than just life insurance and we would recommend it to any family who isn’t sure about their financial protection.”
The tool is free to use.
