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Do I need Income Protection?
by Richard Moring on 30 April 2023
Income protection insurance is a type of insurance policy that pays out a regular income to the policyholder if they are unable to work due to illness or accident. This type of insurance can provide financial security and peace of mind in case of unexpected events that could leave you without an income. In this blog post, we will explore the importance of income protection insurance and why it is essential to have it.
Protects Your Income
Your income is your most valuable asset. It enables you to pay for your bills, rent, mortgage, and other expenses. If you become ill or injured and are unable to work, your income could stop abruptly, leaving you and your family in financial hardship. Income protection insurance can provide you with a regular income that will help you cover your essential expenses while you are unable to work. This insurance policy can help you maintain your lifestyle and avoid financial stress during difficult times.
Provides Peace of Mind
One of the significant benefits of income protection insurance is that it provides peace of mind. Knowing that you have a financial safety net in place can relieve the stress and anxiety that comes with the uncertainty of not knowing what would happen if you were unable to work. With income protection insurance, you can rest assured that you will be able to cover your essential expenses and focus on your recovery without worrying about your finances.
Covers a Range of Illnesses and Injuries
Income protection insurance covers a range of illnesses and injuries that could leave you unable to work. These can include everything from back pain to mental health issues. If you become ill or injured, your policy will pay out a regular income until you are well enough to return to work or until the end of the policy term.
Complements Other Insurance Policies
Income protection insurance can also complement other insurance policies that you may have in place. For example, if you have life insurance, it will provide a lump sum payment to your beneficiaries if you were to pass away. However, if you become ill or injured and are unable to work, income protection insurance can provide you with a regular income while you are still alive. This means that you can focus on your recovery without worrying about your finances.
Sometimes it is only when we lose something that we realise how much it meant to us. In these difficult financial times, more and more high street names are disappearing and it is only now that they have disappeared that we realise that we relied on them and did not appreciate it until it was gone.
We are all guilty of taking our health for granted, but what would we do if we were suddenly unable to work through illness? It is not something anyone likes to think about and many prefer to bury their heads in the sand in the hope that they never have to confront serious illness. However, we already know that nothing in this world is certain to remain the same and I have personally seen people’s health change dramatically for the worse overnight.
One way of ensuring our financial security, and that of our families, is to take out Income Protection Insurance, which can offer a lifeline if the worst were to happen. Although it cannot fix your health, it can provide a regular income to help ensure that bills such as a mortgage, council tax, gas, electric and food can be paid while you focus on getting better.
If you are concerned about how you would continue to pay your bills in the event of an illness then please either call or email us for a FREE, no obligation discussion on how you can achieve peace of mind.