Spring has officially sprung, and with Summer hot on our heels many of us are busy planning our holiday getaways. But whether it’s a flight to Florida or a staycation at the Cornish Coast these trips always one thing in common – they need to be paid for.
For those of us without a money-tree, putting aside a portion on payday is what makes these grand-plans possible, so if we were suddenly to lose this income, financing these holiday plans could seriously put a spanner in the works.
Safeguarding your savings
Spending less and saving more is hard enough as it is. On average families spend £517 a week on everything from housing to entertainment (ONS, 2014). Compare that with the average after-tax income of £26,000 with a weekly earning of £541 and there’s not much left for saving – just under £25 in fact. And whilst there are many small lifestyle changes you could make to lower your monthly spend, if you lost your wage due to injury or illness, this would become virtually impossible.
Depending on your own financial situation, you’d have to rely on your savings and the state to keep on top everyday bills – hardly an ideal situation if you’ve planned a summer getaway. For most of us this would mean cancelling our summer trip at a time when we’d probably need one the most. But it’s not all doom and gloom, the good new it that this can be avoided, and it’s all thanks to Income Protection Insurance. If you’re unable to work, this cover provides a monthly income that’s designed to compensate for the wage you’d receive in otherwise good health. Paid directly to you, the tax-free instalments would give a much-welcomed boost, helping to ensure your summer savings stay put, even in ill-health.
Facing the facts
Paying out for yet another insurance product may be a less-than-appealing prospect, especially as you probably don’t intend on falling ill, but the reality is that illness or injury can affect anyone. According to the Office for National Statistics, the average person spends more than a fifth of their life in poor health, so it makes sense to put provisions in place. This cover allows you to claim on the policy as many times as necessary too, so you know you’re covered no matter what.
If you’re saving for a holiday, Income Protection is likely to be low on your to do list. But when you consider the consequences of not having it in place, it’s easy to see why it should be prioritised. It’s true you can’t put a price on peace of mind, but for just £13.68 a month, this cover can guarantee a monthly income of £1,000 for someone on £24,000 a year. So don’t let illness or injury put a damper on your finances, keep the sunshine on your savings and get income protection insurance today.
At Best Price FS, we provide income protection quotes from the UK’s leading providers. Our commission-free route makes them one of the most affordable ways to get this cover, to search and compare income protection insurance, obligation free, click here.