Take out the right income protection cover for you!

Income protection insurance may not seem as though it is a type of insurance that you need, like car insurance and house insurance, you do not need to protect your income to receive it. Having income protection will lessen your worry in times of the recession this is because you will know that even if you were to lose your job due to an accident or illness then you would not lose out on your income completely. This is because income protection insurance will pay out up to 75% of your current income, you will receive this payout in weekly or monthly tax free payments, which will allow you to maintain your financial commitments such as your mortgage, bills and any loans you may have.
Income protection insurance companies know that losing your job is a devastating experience, which is why they encourage you to think about protecting your income before it is too late. Even when you protect your income, losing your job is a devastating time but it allows you to worry a little less because you will know that you will be receiving a payout from your insurance cover. Many income protection advisers can help you choose the right deferment period so that you know just how long you will need to wait for your first payout.

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