Income protection Updated:
Insurance is one of those things that we all need, yet we often take it for granted – and don't always take out the policies that will be truly beneficial. Income protection is one of them. It's the policy that few of us have yet could be the most vital should the unexpected happen, so doesn't it make sense to be prepared?
Let's start by taking a look at what income protection actually is. Well, it's a specific insurance policy that will generate an income should you be unable to work for whatever reason, perhaps down to long-term ill health. As individuals we tend to not like surprises, particularly of the medical kind, but losing your income could be a very real consequence should the worst happen – and it's this you need to prepare for.
If you became ill and had to be off work for a prolonged period of time, how would you cover the mortgage and household bills? How would you support your family without a solid income? What about saving for retirement? You might get sick pay and could well turn to the benefits system, but this will invariably be a meagre amount compared to the income you'd relied upon all those years.
According to the statistics, 9 out of 10 people that could benefit from income protection don't have it. Hopefully you'd never need to use such a policy, but as with all kinds of insurance, it's all about being prepared.
To find out more about income protection and how it could benefit you.
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Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.
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