Do i need Income Protection?
Did you know that over one million workers a year find themselves unable to work due to serious illness or injury? What if you were one of those workers?
Income Protection is a safety net for any individual, it doesn’t matter whether you have children or other dependants to cater for if an onset illness or disability presents you with a situation which meant you couldn’t pay your bills income protection insurance would be an option.
If you are self employed a policy is somewhat vital. Have you ever wondered what you do about sick pay? Well this is your answer! Eureka. You don’t need to feel sorry for yourself anymore, feel envious of your friends for phoning in sick and still getting paid, you could just pick up the phone and make a claim.
On the other hand it is always important to check what your employer offers you for sick pay. Would you be able to survive on this if something drastic happened? If not, like any insurance, this is a perfect back up plan to support you in darker times.
We suggest that income protection is an option for every worker.
However you might not need a policy if:
You have enough savings to support yourself (think about the period of time that you might have to support yourself)
You could survive on government benefits (policies change all the time. Can you guarantee that these will last forever?)
You could get by on your sick pay. Some employers really look after their staff and you might be comprehensively covered.
Your partner or your family will support you. Maybe your partner is the breadwinner and they have enough to support you financially. Maybe your family can provide for you indefinitely. This is just down to circumstance and is completely your judgement to make.
You could take early retirement. If your are nearing retirement age maybe you have access to your pension and this will be sufficient financial cover.
Cost of protection insurance, like most insurances are unique to individual needs but it is nothing to be scared of when you think about your future.
Click the link below to keep your finances healthy as you recover from illness or injury. Our award-winning Income Protection Insurance pays you a monthly tax-free income until you’re well enough to go back to work.
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