Income protection Updated:
Having a secure, dependable income is the key to financial security. It'll mean you've got enough coming in to pay the bills, cover any debts and, ideally, have a bit left over to save and enjoy yourself, but what if that income was switched off?
If you were out of work, perhaps because of ill health, it could be difficult to remain solvent – but there is a way to secure a meaningful income even in the face of adversity. Income protection insurance.
It's one of those insurance products that a lot of people could benefit from yet few actually take out, but it can give you the peace of mind to know you'd still be financially comfortable if you couldn't work. You simply have to pay your premiums and would be given a monthly amount – usually up to 70% of your gross salary –should you need to make a claim, ensuring you're prepared for the unexpected.
You just need to ask yourself this question – what would you do if you lost your income? It's unfortunately a very real possibility, even though we don't like to think of such things happening to us, but if you had suitable protection you could still generate an income if the worst were to happen.
To find out more about this kind of insurance, click here to download our special brief from the income protection experts, LV=.
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 Any products featured may be withdrawn by their provider or changed at any time.
Moneyfacts.co.uk will, like most other websites, place cookies onto your computer’s
hard drive. This includes tracking cookies.