Is Income Protection for you?

Income protection is for anyone, no matter what age you are or where you work you are entitled to take out income protection.

Many people have come to take out income protection insurance over the past few years due to the economic climate being very unstable. With the economic climate being unstable employers are offering less benefits to their employees and so people are taking it upon themselves to ensure they are protected in case they end up facing long term unemployment due to incapacity.  Income protection enables you to receive monthly or weekly tax-free payments which equate to a percentage of your monthly wage when the plan was taken out.

When you are unemployed you still need to maintain mortgage and utility payments, so having income protection will enable you to do this and if you have a long term illness you can rest knowing that your home payments are covered and you can focus on returning to full health. Once you are of health to return to work then payments will stop, and you will be expected to continue premium payments.
There are multiple types of insurance plans which help you maintain payments when you become unemployed. Some like Mortgage Income Protection cover you due to most reasons for unemployment others only cover you if you are unemployed due to illness or an accident. Payments will be issued after a pre agreed deferred period.

Are you unsure as to if income protection insure is for you? Just review all payments you currently make and try and work out how you would maintain these payments if you were to suddenly become unemployed. If you would struggle to maintain the essential payments, then the suggestion would be to consider taking out income protection insurance for peace of mind.

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