Income Protection Insurance

With Income Protection Insurance, you can insure yourself against losing your income through, disability, injury or illness. Income Protection Insurance can be taken out as a short or long term policy.

 

Income Protection Insurance is an often overlooked insurance policy which for some may be considered as an essential insurance policy purchase.

 

The UK has a personal debt problem that affects thousands of households each year and one of the most common reasons that individuals find themselves in debt is a sudden change in circumstance caused by an unexpected job loss or long term injury.

Income Protection Insurance Advice

If you are debating whether it is worthwhile to take on an Income Protection Insurance policy, there are questions that you must ask yourself. Imagine if you were suddenly sick or became disabled:

 

Who would look after the children?

 

Who would look after the home?

 

Would you have the financial cover to meet your day to day expenditures?

Either your partner would need to increase their workload or take on an additional job or you may need to employ some help. You may be single and have to borrow from family and friends.

There are state sickness benefits available for those who lose their jobs, it is known more commonly as Statutory Sickness benefits but Statuary Sick Pay only covers a basic amount, an amount far below the equivalent average UK yearly salary.

 

No matter what, unless you have significant personal savings, there will be a financial impact and this is why deciding if you need Income Protection Insurance is an important decision that you may need to make.

 

Income Protection Insurance should not be confused with Accident Sickness and Unemployment Insurance or Payment Protection Insurance. These policies cover different Insurance types, if you need to speak to an expert insurance advisor on the differences between each policy, you can speak to Get Life Insurance.