There are hundreds of reasons why you should insure your income. Here are my top 3.
1 – Only a small number of employers offer full sick pay. If you are only eligible for statutory sick pay (SSP), you should ask yourself whether the amount you would receive should you be ill or injured and unable to work, covers the cost of your financial commitments – mortgage, utility bills, credit card bills etc.
2 – Are you self employed? An increasing number of working adults are taking the route of self employment, which provides plenty of benefits and the freedom to work flexible hours. It does, however, mean that you get less help from the state if you become ill or injured and unable to work. Taking out an income protection would give you financial security to ensure financial commitments can be met and this should be high on your list of priorities if you fall into this category.
3 – The top 3 illnesses that are claimed for under income protection fall into one of these categories: mental health, cancer and musculoskeletal*. You might think it will never happen to you, but it is surprising how many people are affected by illness or injury. 1 in 2 people will suffer with cancer in their lifetime**, which is a really scary statistic, but it is one to take seriously, especially when thinking about your financial future.
Being unable to work and potentially losing income can be a frightening prospect. But there is something you can do to give yourself peace of mind. If you would like to find out more about the right income protection for your circumstances, please contact us now and we will be able to provide you with specialist advice and quotations.
*Legal and General – deadline to breadline 2017
** Cancer Research UK