When considering financial wellbeing, many people will think of debt, savings and investments, tax efficiency and maybe pensions.

However, unless they have recently encountered a situation where they have needed to rely on protection, very few people think of it as something that they need to plan.

Yet protection is the very heart of planning; life cover, income protection, ill-health protection etc are plans to protect against potentially very difficult financially and emotionally stressful times.

Protection is not just there to provide a safety net for when times are tough - although that is the essence of what it will do. Once arranged, protection will do two things which are hugely important for financial wellbeing: it will provide peace of mind; and it will enable people to take control and plan.

Personal protection needs to vary for each individual and then vary as individuals change their circumstances over their lifetime.

Similar to a regular review of your budget, your pension or your will, a review of your protection needs could end up being the best time you have ever spent.