A large number of people unfortunately have no insurance policy in place to protect them in the event that they become injured or suffer an illness which places their income in jeopardy.
So what happens in these instances, will you still receive a sufficient monthly income to accommodate most of your outgoings, especially the essential ones?
An income protection insurance policy could make the difference between ensuring you continue a normal life whilst you recovered or up until you retired, whichever came first. With any income protection insurance policy, you need to be thorough and look at all the different points of a particular policy, as each one can offer different levels of cover and benefits.
Four reasons for having income protection
1. It's becoming extremely hard to qualify for state benefit. Employment & Support Allowance for a single person over 25 in the 'support group' pays a maximum of £106.50 a week from April 2014. Most of us couldn't survive on this so private provision is becoming essential.*
2. Nearly everyone has long term financial commitments and income protection provides long-term protection to cover these.
3. Sickness or disabilities are the most important reasons why adults of working age claim out-of-work benefits over a long period.
4. It now costs a staggering £227,266 to bring up a child until they reach 21 years of age **. The financial consequences of not having this cover are severe.
** poverty.org.uk LV= Cost of a Child
For more information on how we may be able to help on this or any other financial product, why not got in touch via email or phone…………… www.bestfp.co.uk or 01865 361191.