Times might be tough at the moment, but that makes it all the more important to focus on the things that bring us happiness. This year’s International Day of Happiness takes place on 20th March, 2023, and recognises the importance of happiness in the lives of people around the world. It was first introduced by the United Nations a decade ago, inviting people of all ages and from every classroom, business and government to join in the celebration. For many of us, our family and loved ones will be what bring us most happiness, along with good health and, if we’re lucky, our lifestyle. With this in mind, it’s well worth thinking about how you can best protect the people and things that bring you happiness in life.
Your lifestyle
Insuring your income in the event of an accident or illness is a sensible way of protecting your lifestyle and covering the regular outgoings which can contribute to your happiness, both now and in the future. For example, income protection cover can help ensure that if you’re unable to work due to illness or an accident, you can keep up your pension contributions while you recover, so that you’ll hopefully be able to enjoy a comfortable retirement in years to come. Similarly, protecting your income means you should be able to still enjoy the things that make you happy, such as family holidays, your social life and hobbies. It essentially means you don’t have to wipe out your savings or face a lower standard of living if life doesn’t go according to plan.
Your health
Many of us underestimate how important good health is - and how much it contributes towards our happiness - until something goes wrong. Although a critical Illness policy pay-out may not cure or heal you if you are diagnosed with a serious illness, it can provide a valuable lump sum to help ease the financial burden for you and your family. There are even policies that actively encourage policy holders to be healthy, such as Vitality, which rewards customers who stay fit by exercising regularly. It’s well known that physical activity leads to the release of serotonin – the feel-good hormone – therefore staying fit can help you feel happier, and keep protection premiums down.
Your family
Protecting your family in the event of your own death, either with a life insurance policy or family income benefit policy, can provide valuable peace of mind that your loved ones’ future is safe after you have gone.Life insurance pays out a lump sum of money if you die during the policy term, while family income benefit provides your dependents with a tax-free regular income for a specified term in the event of your death. Both can mean that your loved ones won’t have to compromise when making financial decisions and covering expenses like summer holidays, Christmas presents or school trips. Knowing that you’re providing for your family whatever happens can give you huge comfort.
Additional ‘living benefits’
Protection providers recognise that both mental and physical health are key to helping their customers live longer, healthier and happier lives. Many of today’s protection policies come with access to a range of additional benefits, very often free of charge, which aim to prevent sometimes minor conditions from developing into something more serious. These benefits might include, for example, online health checks, help quitting smoking or drinking, advice on fitness plans, access to nutritionists and other medical experts. They can also often include counselling and mental health services too. In some cases, access to these services are not only available to the policy holder but to their immediate family as well.
Finally…
Sorting out your insurance might not be the most fun you can have, but once done you can focus on the things that make you happy, safe in the knowledge that you’ve protected what matters most to you. If you want further advice on protecting you and your family, or for a review of your existing cover, call one of our expert advisers on 0800 073 1932.
