Every day we see people who insure their pets, fridge freezer, TV, holidays or the numerous mobile devices that we all carry around with us these days. But surprisingly few of us insure the one thing that pays for all of this.
Imagine if you had a box with a handle, and every time you turned the handle a £50 note came out. You’d probably keep it very safe, somewhere secure, and do everything to protect it, right? Well it’s the same with your job and income. Insurance policies that protect your income pay you a regular amount of money if you can’t work because you become ill or disabled, ensuring that your standard of living continues when your income does not. Here are a few reasons to consider taking one out.
It's not the same as life cover
Many people only take out life cover, and that's great if you have dependents and want to protect them on your death. But what if the unthinkable happens and you are alive? In many cases you are actually a bigger financial liability for your family alive and incapacitated.
It’s not the same as critical illness cover
Whereas critical illness typically cover pays a lump sum if you get a particular illness such as cancer, heart attack or stroke, income protection pays out an income for the period you are unable to work. According to the ABI, one million workers a year find themselves unable to work due to a serious illness or injury, often very clearly through no fault of their own.
It can be a small price to pay for peace of mind
Depending on your circumstances, the cost of income protection insurance may surprise you. Of course, you will need to be assessed by the insurance company first, but for an affordable monthly payment, you could save yourself a lot of financial hardship and stress if something does go wrong.
You can get the right policy for you
There are a number of ways that you can structure your policy so it is essential that you take proper qualified advice to ensure that you get the right policy to suit your needs. If you would like a qualified professional to review your protection requirements, give us a call and we’ll put you in touch with one of the team.
Do you want to take out a policy or are you still unsure about which policy you might need? Outlet has a dedicated money team, who are here to guide you through the income protection process. We're also good when it comes to specialist mortgages. Just give us a call on 020 7287 4244.