Why should I consider Income Protection Insurance?
If you had a cash machine that paid out every month would you insure it?
Well, you do have a cash machine – it is you. If you were unable work and the cash stopped, how would you cope? This is where income protection insurance comes in.
Around one million workers a year find themselves unable to work due to a serious illness or injury. Injuries are not just related just to the workplace. It could be a sports injury, a car accident or an injury that happened in the home.
It does not matter whether you have children or other dependants – an injury or illness would mean you could not pay the bills. Considering Income protection Insurance would be a choice you will not regret.
Income Protection Insurance is an insurance policy designed to help you if you cannot work because you are ill or injured. It could cover your entire working life if needed.
It ensures you continue to receive a regular income until you return to work or retire.
- It replaces part of your income – if you cannot work because you become ill or disabled.
- It pays until you can start working again – or until you retire, die or the end of the policy term – whichever is sooner.
- There is often a waiting period before the payments start – you generally set payments to start after your sick pay ends, or after any other insurance stops covering you. The longer you wait, the lower the monthly premiums.
- It covers most illnesses that leave you unable to work – either in the short or long term (depending on the type of policy and its definition of incapacity).
- You can claim as many times as you need to – while the policy lasts.
Whether you are self-employed or employed you could have an injury or illness at any time. You are most likely to need it if you are self-employed as there is no cover for you. However, even if you are employed and you may not have sick pay to fall back on. Check what your employer will provide for you if you are off sick.
You need the right advice.
There are many variations in the types of policy available. With Income Protection Insurance, everything depends on getting the right policy – so it is best to get advice from an independent broker like Aspire Financial Services .
NOTE – Income Protection Insurance is not the same as Critical Illness insurance, which pays out a one-off lump sum if you have a specific serious illness.
Call us for a 30-minute free consultation to find out whit Income Protection Insurance could offer you.