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Income Protection
Receiving a regular income is vitally important to paying essential bills, meeting financial obligations and maintaining or achieving a desired lifestyle. In order to receive a regular income, the majority of us will work on an employed or self-employed basis.
Consider the consequences if you are unable to work due to an unforeseen event, such as:
- Accident
- Illness
- Injury
- Sickness
- Disability
Your employer may provide short-tem sick pay and you may have an amount of savings to see you through for a few months, however an event such as those listed above can be long-term. Your mortgage will still need to be paid, as will other family household outgoings like credit cards, loans, council tax, utility bills etc.
Unfortunately, many of us cannot rely on the State's contribution alone; from 2011, the standard weekly rate for Statutory Sick Pay is £81.60 a week – which equates to less than £12 per day.
The loss of income can have a massive impact on your finances, which directly impact upon your lifestyle. Therefore an Income Protection policy can help replace a loss of income enabling you to receive a monthly benefit in the event that you are unable to work.
Our Advisers will talk you through the details and importance of such a policy to ensure you fully understand the benefits.
There are many providers of Short-Term Income Protection and other products designed to protect you against loss of income. For impartial information about insurance, please visit the website at: www.moneyadviceservice.org.uk.
