Have you ever thought about what you would do if you couldn’t work because of an illness or you were in an accident?
Would you be able to pay all your bills and feed your family?
Income protection is VITAL to remove these possibilities, as it pays out a percentage of your salary in regular monthly payouts until you can go back to work.
- Can offer monthly payments if you’re unable to work
- Can cover accident and sickness and/or unemployment
- Consider the pros and cons of income protection alongside your other insurances like critical illness cover, disability cover and life insurance
- Can Include child illness cover, so in the unfortunate situation where a child is terminally ill, it would pay you a salary so one could look after their child full time
Why should you take out income protection?
Income protection is a useful product for anyone who wants to cover their salary so they don’t fall behind with monthly expenses should they be unable to work.
Examples of when people consider income protection insurance
Buying a house
A house is likely to be the most expensive purchase you make, and taking out income protection could help you to keep on top of your mortgage payments if you’re unable to work.
Birth of a child
Having an extra dependant relying on your salary could make you consider protecting your income.
Self-employed people do not have the comfort of an employer helping out, and no work means no pay.
Change of job or career
If you no longer receive the same kind of benefits that you did in your previous job in terms of things such as sick pay, you may want to protect your salary. Alternatively, if you get a better job or receive promotion, you may want to protect your increased earnings.
- Pre-existing medical conditions you were aware of before taking out a policy
- Disabilities or illnesses as a result of a criminal act
- Self-inflicted injuries
- Alcohol or drug abuse