Protection against income shocks

You never know what’s around the corner, and if you couldn't work due to an accident, sickness or redundancy, it could have a devastating effect on you and your loved ones.

What is income protection?

Income protection is designed to give you financial cover if you can no longer earn an income. It is a long-term insurance product, designed to pay out if you can’t work as a result of illness or injury. A long-term policy will ensure you continue to receive a regular income after your sick pay runs out, until you either retire or are able to return to work. If you were to suffer a serious illness or injury the last thing you and your family will want to worry about is how you will pay the mortgage or rent, and any other bills you have. Quite often, younger adults rely on their parents in situations like this. Not only does this put a strain on your family’s finances; it also makes you feel an enormous amount of guilt at a time when you should be focusing on your health.

The difference between income protection and critical illness insurance

Most people have heard of income protection but it should not be confused with critical illness insurance, which pays out a lump sum if you are critically ill and do not expect to work ever again. This sort of policy is invaluable in particular circumstances; for example, if you were in a major accident and were unable to use your legs, you could use the payout money to install adaptations, such a ramp and stair lift, to be able to remain in your home.

With those extra costs, do I really need income protection?

Every year, millions of people find themselves unable to work due to serious illness or injury. Some employers will pay sickness for a limited time but may not be able to cover you if you are sick for an extended period. If you have children and other dependants, not having income protection will most certainly impact on them too. The last thing anyone will want to worry about when a family member is unwell is money. Even if you don’t have people who rely on you, if illness means you can’t pay your bills, you should consider protecting your income, especially if you are self-employed.

DIY or advice?

With countless insurance providers, policy options and parameters to consider, the insurance industry can feel like a minefield. Unividual has the experience to ensure that we get the right policy for you at a cost you can afford. Otherwise, the cost of those insurance policies could be a waste of money if, during a time of ill health, they fail to provide the benefits you and your family actually need. We have access to dedicated account managers with each insurance provider and preferential rates which could make taking out insurance more affordable.

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