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Protecting your Income – The importance explained
Only one in five of us have Income Protection cover in the event of becoming too ill or disabled to work. Yet the same survey showed that a sizeable 42% have experienced income loss in their working lives due to serious illness. (Source: Zurich Survey, July 2016)
Whilst you may have life cover in place, how would you (and your family) cope if a wage earner was off work for a long period of time? No-one likes to think it will happen to them, but unfortunately it does happen!
To give you an understanding of how this may impact upon families, a couple of years back the 7Families charity led initiative was set up to deliver financial support for a year to seven selected families. These are families who’ve lost their main income through a serious or long-term illness, or disability, and didn’t have any financial support in place.
For them too, the unexpected was very much that. The 7Families Charity helped seven families that were facing a financial crisis. Through their assistance they provided an opportunity through real life situations to demonstrate the importance of families planning financially to help lessen the impact should the worst ever occur. You can find out more about the project and how the families got on at: http://7families.co.uk/
By checking out the website, and also completing its “How Financially Invincible are you” test, you may then agree that: it’s possibly far better to have cover in place and not need it, than to need it and not have it’! If you are interested in protecting your income please contact us and we can take you through your options.
As with all insurance policies, terms, conditions and exclusions will apply.