There are plenty of ways for you to protect yourself from the uncertainties that life can often bring about.
Just ask the “preppers” – the community of proactive individuals defined by its commendable affinity with preparing for the worst-case scenario – who are growing at a significant rate.
Although there may not be an immediate need to start hoarding tinned goods, there is still a lot you can learn from the principles of the preppers about making sure you, your family, and your finances are secure during harder times.
Preppers will never be taken off-guard by catastrophe
While preppers may not agree, the mainstream media’s portrayal of this community offers a fair picture of who your average prepper is.
Stockpiles of tinned food, bunkers in the garden, surplus army gear, and complex theories of the modern world’s demise are all features of the archetypal prepper.
As a group of steadfast survivalists that see an absolute necessity in preparing for the world’s day of doom across its multiple forms – whether that be the result of cataclysmic natural disaster, zombie invasion, or financial collapse – you could, in fact, learn a lot from preppers’ obsession with readying themselves for the worst case.
To them, this calls for the ultimate degree of self-sufficiency in the event that all presiding authorities will be defunct. This means providing their own food, power, and protection.
It’s common to find a plethora of survival and camping gear stocked in the homes of preppers, and maybe even the odd bomb shelter, too!
From having an emergency cash fund to securing an income when you’re unable to work, here are three lessons you can learn from the UK’s preppers about having a detailed protection plan in place.
1. You may never know when you’ll need a protection plan in place
The group’s willingness to prepare for a disaster they have no certainty will ever occur is a mantra that you shouldn’t ignore.
Preppers aren’t claiming to know exactly when the skies will fall or when the oceans will begin to rise – likewise, you don’t need to have a specific event in mind to create a protection plan or be able to predict when you’ll need back-up.
Often, just having a broad framework of protection in place can be enough to take the brunt of the pressure if the worst does indeed happen. Life is inherently unpredictable and could throw many reasons for protection at you when you least expect it, which may put your regular lifestyle at threat.
Such circumstances could include:
- Illness preventing you from working
- The death of a loved one
- An accident or injury
- Unexpected costs.
Of course, there’s no way to reasonably expect when you might be affected by any of these issues, which only highlights how a sound protection plan can help in supporting your financial stability.
2. Having an emergency fund could stop you from dipping into important savings
One of the first things a prepper will do is to make sure they have stockpiled supplies. From bottled water to tins and long-dated food, they prepare for the worst by starting with the basics.
Similarly, one of the most important features of any financial protection plan is building an emergency fund of cash to cover surprise expenses.
The dangers posed by sudden, upfront costs that you hadn’t prepared for could be enough to derail your long-term goals or make it difficult to maintain the lifestyle you’re comfortable with. You might need to repair your roof, replace your car, or cover a short period out of work.
Having emergency cash to cover any surprise costs you’re hit with means you don’t have to borrow at high interest rates. And, you don’t derail your long-term savings to channel resources into tackling short-term issues.
If preppers didn’t keep canned food in abundance, they’d have little hope of surviving very long if tough times arrived. Your emergency fund does the same job.
3. Protection provides financial support when you need it
Just as preppers look to protect themselves against any possible eventuality, you should do the same. While their priority may be a climate disaster or pandemic, yours should be to ensure you and your family’s financial security.
This may be especially relevant if you’re the main breadwinner in your household, which could make it more difficult for your family to maintain their regular lifestyle and cover their usual expenses without your input.
Protection provides valuable financial support if you’re unable to work for an extended period due to illness or accident. It can ensure your regular bills are paid, enabling you to focus on your recovery.
Similarly, life insurance provides your loved ones with a lump sum (or income) if you pass away unexpectedly. It can provide real peace of mind that those closest to you can maintain their standard of living with you no longer around.
Note that income protection and life insurance plans typically have no cash in value at any time and cover will cease at the end of the term. If premiums stop, then cover will lapse.
Preppers will be more than ready with their oil-lit lanterns and tealights, should the National Grid fall during a future zombie invasion – what preparation would you have in place?
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Understanding what type of protection you’ll benefit the most from can be difficult and you certainly wouldn’t be alone in wanting to make sure you have a watertight plan.
While you may not be preparing for the apocalypse, speaking to us can give you the confidence to pursue your financial goals with the reassurance that you have the right protection in place.
Please contact us by email firstname.lastname@example.org or call 0115 933 8433.
This blog is for general information only and does not constitute advice. The information is aimed at retail clients only.