Get Rid of Income Uncertainty Forever
Our personal situations and circumstances can change quickly. One day you may be fit and healthy, working toward a rosy future. The next day you may be unable to work due to accident or illness. Are you prepared for the worst?
We are all happy to spend money on home insurance, travel insurance, insuring our belongings, our cars and our health. How would you maintain your household and your family if you weren't able to work due to illness or injury? There are statistics which show that there is more chance of becoming disabled before reaching the age of 65 than of dying. But many people stil don't take out insurance policies that would protect their incomes.
Anybody who works for around 20 hours or more per week should be able to take out an income protection insurance policy at a reasonable cost. A protection policy will provide you with a percentage of your income in the even that you can't work any longer. Income protection, in my opinion, is essential if you are the main bread winner in your house.
A good income protection policy will cover both physical and mental disorders. Some policies don't cover mental illness or issues with the nervous system. It is a good idea to make certain that your policy protects you from any form of disability that would prevent you from making an income. Its worth ensuring that your income protection policy is flexible enough to support you if you are able to return to work on a part time basis.
Another aspect of income protection that should be checked is what will happen if you change roles or employment. Ideally your policy should be flexible and allow you to make changes in your career or employment.
Everybody thinks that the worst will not happen to them but 27,000 people each year leave employment due to ill health or injury and never return. Make sure that you and your family are protected if the worst should happen to you.
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