More Facts about Income Protection Insurance

Income protection is available to everyone as long as you have an income. You can’t take out income protection if you are already unemployed or don’t do any form of paid work. The amount of income you have does not affect if you can purchase income protection or not, everyone with an income should protect it in case of unemployment.

Income protection cover will protect you if you become unable to work due to an accident or illness you will receive a monthly or weekly tax free payment which is on average 65% of your income.

With the current economic climate and recession meaning there are many redundancy’s and cuts in hours or pay, protecting your income is paramount in ensuring you can maintain all your financial commitments if anything was to happen to you causing a loss in income.

A loss in income can be devastating and without income protection it can cause a lot of financial difficulties for you and your family having income protection takes some for the stress and worry away from meeting your financial commitments.

When you take out income protection insurance you want an own occupation definition as this enables you to receive income protection payouts when you are unable to do your own job.

The other two income protection definitions depend on you being unable to do other jobs alongside being unable to do your own job whether it is a job similar to your own or any other form of paid work.

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