Why do you need Income protection insurance?
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While you cannot stop an accident from happening, you surely can create a safeguard against it by availing the benefits of a personal accident cover
Know there’s a back-up plan
It’s important to consider how you would make ends meet if you were unable to work because of illness, injury or involuntary redundancy. There are numerous expenses like mortgage, rent, bills, and groceries that need to be taken care of, on a day to day basis. While we can surely fall back on some savings or credit cards for a while, it becomes challenging if it’s more than a while
Avoid a credit pileup
Recovering from a sickness or injury may leave you with some significant costs to cover, like medical costs, utility bills, rent or mortgage repayments. With more money going out and less coming in during your recovery it’s easy to rely on credit cards, however, they then come with credit card interest. Income Protection Insurance can help contribute towards these expenses and help you avoid a debt pile up. With a bit of forwarding planning, you can avoid missing out on your end of year family trip or that home extension you’ve been saving for.
Help protect your family’s lifestyle
If you are ill or injured and unable to work your family may have to make some sacrifices and you may need to compromise on your standard of living. With Income Protection cover you can help contribute towards maintaining your family’s lifestyle and reduce some of the financial stress on you and your family.
Make sure that you don’t have to move back in with your parents
Income Protection Insurance doesn’t just benefit those with a mortgage and family. Generally if you’re under 30, your premiums are likely to be lower than, say, someone in their 40s. Help protect your independence with Income Protection so you don’t have to move back in with mum and dad if you are sick or injured and unable to work.