Income protection is something that has really never crossed my mind.
I've been a financial journalist for a year now and must admit before starting at FT Adviser I wouldn't have been able to tell you what it means.
In the past week I've had two conversations with advisers on the topic, one who was passionate about its benefits and the other who had first hand experience of it when he was forced to change careers.
I've honestly never really thought about what would happen if I lost my job or was unable to work. But it got me thinking, maybe I should?
I got to googling and came across an article from my colleague Tom on stats from Beagle Street, which found 28 per cent of young adults with a mortgage don't have life insurance.
This, I'm afraid, is another protection product I am not yet acquainted with.
Beagle Street's director of protection, Ryan Griffin, says he thinks it is because people don't like talking about death.
I'm sure this plays a part in it, but for me I'd say it's mostly an aversion to admin.
Another task, lumped in with replacing the front door or painting the kitchen - all things you know you should do and pop into your head every so often but somehow don't make it to the top of the list.
This all made me think about what can be done to encourage people like me to think about their protection needs.
From what I’ve heard, the conversation around protection has come to the forefront following the introduction of consumer duty.
At the end of last year, just six months after the regulations were introduced, 40 per cent of advisers told one study their firm had seen an increase in protection conversations with clients.
From my point of view, this can only be a good thing as more people having these conversations in advised settings should trickle down to more conversations about protection between friends and family.
Being more aware of what is out there and how it could help me certainly helped me realise how much I could potentially benefit from a protection product should the worst happen.
It’s firmly on my to-do list now, I just can’t promise it will get done before that door or kitchen.
Tara O'Connor is a senior reporter at FT Adviser
