Summer has arrived and after the surprise of snow in March it comes as a welcome sight.

Are you going on holiday this summer? The number of Britons taking a holiday remains high with 87% of people saying they took a holiday either at home or abroad in the 12 months from August 2016 – August 2017. This represents the largest proportion of Britons taking a holiday since 2011.

The average number of holidays per person has also grown reaching 3.8 per person, an increase of 0.4 on the previous year. The percentage of people holidaying abroad has also increased from 55% to 57%.

British holidaymakers are keen to experience new things with over a quarter (27%) planning to visit a country they have never been to before and almost a third (32%) expecting to visit a new resort or city in 2018.

When planning a holiday most people consider purchasing travel insurance to be a necessity. For most, this is the only type of insurance people will have, and people often forget to look at the bigger protection picture.

Given the current financial strains on both workplaces and family lives, we are all acutely aware that serious illness or loss of employment could have a catastrophic effect on our family’s financial security. But many of us don’t have the safety net of insurance cover – the life protection – that would ease this burden. This is what commentators mean when they refer to the protection gap: it’s the gap between those who know they have a glaring problem if anything happens to them (i.e. most of us) and those who do something about it (far fewer).

It’s not as simple as asking yourself if you have cover; the amount of cover is critical too, which is why in 2012 the Association of British Insurers was able to put a value on what it estimates to be the shortfall in cover: £2.6 trillion in the UK, a dramatic increase over the last decade.

There are several reasons why people overlook life protection. For some, their financial focus is on the short term: research from the independent financial research group Defaqto estimates that as many as 40% of us feel unable to consider the bigger, long-term picture because of our anxiety about how to cover immediate household expenses such as the mortgage, credit cards and loans.

There are other reasons why there’s a protection gap, besides a fixation on the financial here and now. Many people believe any form of protection – life cover, critical illness cover and so on – is going to be complicated, or costly. This is where it helps to seek specialist guidance or advice that can unravel any complexities and cut through to what is absolutely right – and most cost-efficient – for you and your family.

So, the question is – are you in the protection gap? If so, what’s stopping you from climbing out?

The guidance provided within this website is subject to the UK regulatory regime and is therefore primarily targeted at consumers based in the UK.

Cherry May Financial Planning Ltd is an appointed representative of TenetConnect Limited, which is authorised and regulated by the Financial Conduct Authority. TenetConnect Limited is entered on the Financial Services Register (www.fca.org.uk/register) under reference 149826.

Cherry May Financial Planning Ltd is registered in England and Wales under reference 10260896

Registered office address: Lower Burston Farm, Bow, Devon, EX17 6LB

The Financial Ombudsman Service (FOS) is an agency for arbitrating on unresolved complaints between regulated firms and their clients. Full details of the FOS can be found on their website at www.financial-ombudsman.org.uk.