Do I need Income Protection Insurance?
No one likes to think that something bad might happen to them, but planning for a time where you might not be able to provide for yourself and your family is essential. Here at Financial Foresight, we can help protect you and your loved ones from financial difficulty. Income protection insurance provides you with a safety net for when you might not be able to work due to illness or injury. This can help ensure that you can focus on recovering physically rather than worrying about recovering financially.
How does Income Protection Insurance Work?
Income protection insurance replaces part of your income when you are unable to work due to an illness or an injury. The policy will normally pay out until you can begin working again, you retire or the policy term comes to an end. Income protection insurance is different to critical illness cover, which is designed to pay out a large sum when you develop a serious illness. Income protection insurance is vital for those who would be unable to survive on sick pay alone, and those who depend on their income to support themselves and their loved ones.
Your income protection quote is calculated in line with the usual factors pertaining to insurance of this type, including age, health, job, how much of your income you would like the cover to extend to and the range of illnesses and injuries you would like to cover. Contact one of Financial Foresight’s friendly advisers today to discuss options for your income protection insurance cover, and get an income protection quote today.
I Have Savings – Do I Still Need the Cover?
Modern life is expensive, and we all have obligations. Whilst you may be living well within your means and can even afford to put some money away each month, you would be surprised at how quickly this money disappears when you are not earning. You can postpone your income protection insurance payments until your period of sick pay has run out, which can make your payments for the cover less expensive, whilst still allowing you the peace of mind that you will be financially secure at what can be a challenging time.
Furthermore, would you not rather maintain your savings for retirement, buying a new home, or helping out your children? Income protection insurance not only protects your income, it protects your savings and your future plans. If you are ready to ensure you maintain your financial situation despite illness or injury, contact Financial Foresight today.
