The Importance of Protecting your Income


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The importance of income protection is often overlooked. Many don’t feel the need to invest in this type of insurance plan while others are simply not aware of it and why it is important. Research suggests that one in three people have had to take off work for over a month due to illness or an accident. The unexpected does happen and it is vital that we are protected in case of these unforeseen circumstances.

What is Income Protection, and do I Need it?

If you are unable to work due to sickness or accident, income protection insurance provides a pay out to cover expenses that your salary would usually pay for. These payments may be received weekly or monthly depending on the type of policy. If you have sick pay or savings, you may only be able to survive on this for an indefinite amount of time, therefore, it is advisable to seek out an income protection plan. It is always advisable to be one step ahead with your health. If you have any health concerns, contact your local GP.

It Gives You Peace of Mind

Not only does income protection protect you financially, it allows you to rest assured knowing that you and your family will be covered in a situation where you are no longer able to provide for them. It is also a sufficient way to make sure any debts you have won’t accumulate and you will be able to continue to pay them off.

It provides extra protection even in a case where you may have a form of work cover. Although work cover can be useful, it is not always a long-term solution. Therefore, you can rely on having your income protection as an additional, more secure form of coverage.

Focus on Recuperating

Being stressed over finances may interrupt your recovery and slow the process. With money coming in from your income protection policy you can focus your time on your recovery rather than on worrying about how the next cycle of bills will get paid. For example, if you were to suffer a heart attack you may be of work from 2 weeks to 3 months according to the American Heart Association.

Tips on Shopping for a Policy

When you are shopping around for a policy, it is important to be aware of what to look for and what you need so that you can get the best deal at the best price. Before you begin, make sure you assess your lifestyle and financial situation to know exactly what you need in the way of coverage.

Finding a policy at the cheapest price does not always necessarily mean you will get the best protection. Often finding the best plan is more important than finding one at the lowest cost. To find out more about finding great policies at competitive prices read more here.

Even if you have a clean bill of health it is important to be prepared for the unexpected as unfortunately, we don’t know what lies ahead of us. Those who do not hold income protection policies are at high risk of getting into a financial strain if they become ill or suffer injury and can’t work. Ensure you and your family are protected and invest in an income protection insurance policy.