While some people may love their jobs and find them rewarding in many ways, the main reason we all go to work is to earn money. Our income is something that most of us rely on to pay everything from the rent or mortgage to bills, food, debts, and other financial commitments.
This is why the thought of being without a job and income is so daunting for most people, as without this vital income it becomes impossible to keep on top of essential day to day costs. Even if you have some money in savings, it won’t last forever and by draining your savings you leave yourself open to huge financial problems in the future.
How income protection insurance can help
Over recent years job security has become a thing of the past, and many people now face uncertainties when it comes to their jobs. Redundancies have soared over the past few years, as more and more companies have been forced to reduce their workforces. Another problem you may experience is being unable to work as the result of a debilitating accident or injury, which again is through no fault of your own but could have a huge impact on your life, ability to work, and your finances.
Income protection insurance is designed to provide protection in the event that you are made redundant or you are unable to work for a period of time due to illness or injury. With this type of coverage, you can protect a large proportion of your regular income – usually up to 75 percent. This means that if you are out of work for one of these reasons, you will still receive some level of income for a set period of time.
When you take out your income protection insurance, you will be able to choose the period over which you want to receive the benefit as well as the period of time you are able to wait before you start receiving the benefit.
With income protection coverage you get to benefit from valuable peace of mind, as you won’t have to worry about being left financially high and dry in the event of an accident, debilitating illness or redundancy.
