19th October 2022
Income Protection Insurance
There are several factors that influence why you should include income protection cover in your
protection strategy. First off, if you are unable to work, it may help to secure your income. This can be as a result of a disease, injury, or handicap that prevents you from working. It can assist in covering expenses for your standard of living, including your rent or mortgage, bills, and food.
If your protection is insufficient, you might be forced to rely on your resources or the assistance of family and friends. The need for income protection insurance is even greater if you are self-employed or supporting a family. Your income protection policy will give you a replacement income if you are unable to work, enabling you to keep up with your financial obligations.
There are different types of income protection insurance policies available, so you should obtain professional financial advice to ensure you can compare the different options and fully understand the terms and conditions of the policy.
Tomorrow we will look into Critical Illness Cover and how this is a valuable resource in your protection strategy. Please contact us for more information on how we can help protect your future financial well-being and the options available to you.
Income protection insurance plans have no cash in value. If premiums are not maintained cover will lapse.