Protection  

Undervalued investment

Jeff Prestridge

Jeff Prestridge

Most journalists, especially younger ones, prefer to write about emerging markets or tech stocks than the attractions of critical illness cover, income replacement insurance or life cover.

If you do not believe me, pick up a good quality national newspaper this weekend (yes, buy one rather than read it online) and check it out for yourself.

Investments rule the money pages.

I often speak to the minority of financial advisers who are prepared to encourage clients to lay down some insurance foundations.

“How can we get our message across more effectively in the financial press?” they ask.

My response is usually to scratch my head before imploring them to get their clients who have made successful claims to speak to me – to be case studies in the paper.

They usually nod their heads in agreement and then I never hear from them again. Another great shame.

Although my personal insurance cornerstone is not as robust as maybe it should be, I was recently grateful for the annual travel insurance I took out this year ahead of an intended cruise with my feisty 83-year-old mother and younger sister Joy. 

A trip that was meant to be a treat for Mum, still grieving from the loss two years previously of her partner in life, Stan The Man.

What was supposed to be a gloriously sunny holiday taking in the sights of Malta, Athens, Souda Bay, Rhodes and Santorini (with copious amounts of food, wine and frenetic dancing thrown in for good measure) never happened.

Mum, sadly, was diagnosed with cancer a few weeks before the intended departure date – a cancer that required radical and immediate surgery, followed by an extensive period of recuperation.

We had no choice but to cancel our trip. Thankfully, my insurer met my claim, as did Joy’s.

A pretty convincing advert, I would say, for the power of insurance.

As convincing as the private medical insurance cover I have through work that ensures I have access to a brilliant urologist (Dr Ogden) as I fight prostate cancer with all my might.

Jeff Prestridge is personal finance editor of the Mail on Sunday