Income Protection Insurance

Income Protection Insurance

Income Protection Insurance

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Income Protection Insurance

Have you ever thought about how you and your family would cope financially if anything happened to you and you lost your source of income? There are lots of people who will go to a great effort to protect their capital assets by insuring their homes and taking out life insurance etc, but they don’t exercise anything like the same care when it comes to protecting their income.

If you are one of these people you should try asking yourself how well you would cope if you found yourself the victim of sickness or accident or critical illness. Whilst the advances in modern medicine may mean that you will eventually make a complete recovery , it may be many months before you would be able to work again, and you may never be able to return to the same job should you be disabled in any way. Although your physical health may return your financial health could be in serious jeopardy.

The same also applies if you are unexpectedly made redundant. Those who have been in the same job for a long time may feel comfortable in the knowledge that they will get a sizeable redundancy payment to tide them over, but it is often these people who have the greatest outgoings to pay for each month. As a result of having been in the same job for a long time they feel secure in their job and many of them will have taken on huge mortgages and possibly other commitments such as school or university fees for their children.

Whatever savings you have available are unlikely to last very long. Indeed in the majority of situations they will be swallowed up by the mortgage payments within just a few months, not to mention other essential items like power bills, food and travel expenses. So deciding to economise by not going out for a meal very often much or by cutting back on luxury items and holidays is never really going to solve the problem.

Income Protection Insurance Can Help

It is possible to at least partially protect yourself against such a problem by taking out an Income Protection Insurance policy , which will pay out a monthly benefit if you are unable to work as a result of sickness, accident or involuntary unemployment.

If you buy the product from a specialist income protection insurance broker it can cost as little as £5 a month per £100 of monthly cover required. We can even offer offer involuntary unemployment and incapacity (e.g.: accident and sickness) or critical illness cover separately at a reduced cost if you feel that you need this additional cover.

Remember, the longer that you wait before taking out your cover the longer it will be before you qualify for income protection insurance cover so why not talk to us now.