Income protection Updated:
What would you do if you couldn't work because of ill health? Could you afford to keep a roof over your, and your family's, head? According to research from Shelter, a third of families couldn't keep up with housing costs if they missed out on just one month's pay – and that's why it's so important to be prepared.
Income protection can give you that kind of backup plan. This is a type of insurance that will pay you a regular, monthly income should you be out of work due to ill health, and it could be a valuable lifeline should you be struggling to make ends meet.
If you've never heard of this kind of insurance, or think you don't need it, you're not alone. Some nine out of ten people that could benefit from income protection don't have it, but you could well notice the difference should you need to make a claim.
We all like to think that it'll never happen to us, but that mentality can have serious consequences. If you've come to rely on your income it could be a huge shock should it be taken away – rent or mortgage payments, household bills, food and general living costs can all add up, after all – and although saving for these kinds of emergencies is essential, even that may not be sufficient.
Income protection could be, so to find out more about it and how it could benefit you, read our special brief from LV=, the income protection experts.
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 Any products featured may be withdrawn by their provider or changed at any time.
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