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
Catch up on our other blog posts:
MORTGAGE LENDING CONTINUES TO SOAR
Mortgage lending has soared to record levels, according to latest data from the Bank of England1, which reveals that gross advances in Q1 totalled £83.3bn, which represents a 26.5% increase on the same quarter in 2020 and the highest level since Q4 2007. Impact of the...
MAJOR BARRIER TO PROPERTY PURCHASE
Saving for a deposit has been cited as a major barrier to purchasing a home by 59% of people, according to the latest survey from the Building Societies Association (BSA)1. Climbing from 54% in December last year and just 40% last June, raising a deposit is...
DO YOU KNOW YOUR HOMES TRUE WORTH?
Do you think you know how much your home is really worth? Would you be surprised if it was worth much more or much less? Many homeowners’ estimates don’t live up to reality, with 45% of respondents to a recent survey1 undervaluing their property and 25%...
(Your home may be repossessed if you do not keep up repayments on your mortgage)
We charge a fee for arranging and advising you on the mortgage. The fee will be dependent on your circumstances but will not exceed £499. (Our typical fee is £299.)
For Lifetime Mortgages/Equity Release the fee will be £799.
Our mission is to provide honest mortgage advice, whilst helping you save money.
Get in contact
Flexible appointments
Or call —02380224925