For some lucky people income protection is not necessary. If an employer offers long term sick pay for example, or you benefit from an employee benefits package, the need for additional cover drops substantially. There are also those who already have a significant amount of savings, so any extra premium costs may not seem worth while.
For many however, income protection insurance can be essential. It can be particularly worth having if you have little savings to fall back on if you were unable to work, and your employer offers no enhanced sick pay. It is especially important to consider if you have a mortgage to pay, and have dependents, as if you fell ill and were unable to pay the bills, you could be putting your family’s financial security in jeopardy. For this reason, income protection insurance should often be considered.
Protection premiums are often a lot less than people think they might be.
If you would like to discuss income protection policies, please get in touch. Initial enquiries are free, and are no obligation.
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