What would happen to your income if you cannot work long-term due to sickness, injury, or disability? How are you and your family going to be able to make the mortgage repayments, rent payments, pay bills, feed and clothe your children, and so much more?
Income protection insurance is a valuable financial safety net that helps ensure your financial security in the event that you are unable to work due to illness or injury.
It is designed to cover a percentage of your income should you find yourself in this position. With Statutory Sick Pay (SSP) amounting to just £109.40 a week (and you only get this for a maximum of 28 weeks) it’s not going to be long before your savings start to dwindle drastically and the money runs out. Even with other benefits, you may still be unable to maintain your monthly commitments.
Depending on the level of income protection insurance you opt for, it could ensure that you and your family are financially secure up to your retirement if you were unable to ever return to work.
If the answer to any of these questions is no, it’s time to seriously consider income protection insurance to protect loved ones from being out of pocket.