Can you afford not to insure against loss of income?
We all know how important it is to insure the things that are important to us against loss and damage, so we take out home and contents insurance, life insurance and possibly mobile phone insurance. But what about protecting your income so that you can continue living your life and paying your bills should you become unable to work due to an accident or illness?
Research done by Which? found that just 9% of respondents had some form of income protection in place, compared with 41% who had life insurance and 16% who had private medical insurance. If you are one of the majority of people without any form of income protection it could be to your advantage to find out a bit more.
Why should I consider taking out Income Protection Cover?
The reality is that many more of us will become ill rather than die during our working lives and while sick pay, savings and credit might tide you over in the short-term, if your illness is long-term or actually means that you are never able to return to your previous occupation, how would you cope?
And for the self-employed who are not eligible to receive sick pay, you need to be confident you have the right level of cover to meet your needs.
Income protection cover is designed to protect up to 70% of your gross salary giving you the peace of mind that should you need to claim, the monthly payment will enable you to continue paying the mortgage or rent and all your other household bills, up until retirement.
What should I do?
There are different kinds of income protection policies available and some will be more suitable than others to your personal circumstances, for example a business owner can have the premiums paid through their company and offset them against their corporation bill. Therefore we always recommend taking financial advice before you decide. If you would like to know more please contact us or speak to us for advice specific to your requirements so we can prepare a personal illustration for you. Our team are always here to help, contact us on 0333 456 0333.