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Whilst we would all like to think that nothing will happen to us and we will live a long, healthy and happy life, it is a fact of life that Illness and accidents can happen at any time and usually when we least expect it.
We would all like to have an emergency fund available to help us through tough financial times and some experts suggest six to nine month’s salary should be held in an easily accessible account. The reality is that many of us have no savings at all and would be reliant on the government to provide financial support. It is important to bear in mind that state support will not provide enough to maintain your lifestyle. A leading financial institution recently conducted a survey which revealed that most households would run out of savings after just 29 days, just 14 days for working age families.
Ensuring your income is protected in the event you are unable to work due to an accident or illness can ensure you do not lose your home and enable you to maintain your current standard of living, allowing you to concentrate all your efforts on recovery.
An income protection plan replaces your income in the event that you are unable to work and suffer a loss of earnings due to an accident or illness. The benefit from the policy is paid on a monthly basis until such a time that you are able to return to work or the policy term ends. You can choose to protect as much of your income as possible or an amount to protect your essential outgoings only, you can chose the term your wish to be covered for, however most prefer to have their income replaced up to their planned retirement age
This type of policy is suitable for employed or self-employed people and you do not have to have a mortgage for this type of policy to be appropriate for you. Anyone looking to protect their income so that they are able to maintain mortgage or rental payments and protect their standard of living and lifestyle should consider this type of policy.
We cannot predict when, where or how the unthinkable will happen, but we can protect against it. A tailored protection solution for your individual needs will provide you and your family with peace mind that if the unspeakable does happen your home will be secure.
As with all insurance policies, conditions and exclusions will apply.