Income protection provides a financial safety net in the event you are unable to work due to an accident or illness.
Yet it has been reported that over half of people do not think income protection is important and a further 12% don’t understand its value.
This is despite fewer than a third saying they would be able to rely on their savings if they lost all sources of income, and only 19% of households with children saying they could depend on money they had put aside.
Funding current lifestyle
Reportedly, 4 in 10 (38%) adults said they would be able to find enough money to finance their current lifestyle for up to three months, while 12% said they only had enough for one month. A further 9% had no savings at all.
Meanwhile, more than half of families said they could finance their current lifestyle for up to three months, and 18% said they could manage for up to one month.
Protection pays
Income protection can pay a percentage of your salary if you are forced to take an extended break from work. This pay out can help you cover essential bills and other costs and can be particularly valuable if you have dependants.
If you’d like advice on finding the right type of cover for your circumstances, please get in touch.
As with all insurance policies, conditions and exclusions will apply
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