You may have heard a lot about income protection insurance and assumed it was just another way to take another slice of the money you earn each month to cover something that will never happen. However, with around one million people in the UK alone unable to work due to serious illnesses or injuries according to ABI’s (Association of British Insurers) 2017 report, you would assume there would be a clamour to get the best deal.
As per ABI’s 2016 report, it showed that despite the UK being boasting the largest insurance and long-term savings industry in Europe, only 300,000 households have income protection.
At MacFarlaine & Brooks we have the ability to sift through the positive aspects of income protection and its benefit for yourself, employer, family and future. Here are ten reasons to take out income protection:
- Short-term respite: Income protection is great for the long-term, but you can also take out insurance over the short term which will pay out instantly in case of emergency. If something happens suddenly you can be assured of getting a boost of cash to help you and your family.
- Employer rights: Many employers will have it written somewhere about their sick pay and the boundaries of this when something serious or long-term occurs. If your accident, injury or illness falls outside of this you will be stuck without any income.
- Dependency: If you have children or adults that are dependent on your income, income protection insurance can help to keep a steady flow of money throughout the illness or injury. This is a vital aspect for single parents and guardians of children.
- Government benefits: Many believe that the government will bail them out in case of an emergency, but the benefits you receive will not help to cover everything. Income protection is the best way to ensure you have enough money to cover your ordinary expenditures.
- Savings: Like the above, individuals and families may believe they have savings which are ample enough to survive on. Like pensions, you may not realise how much you spend each week and month to eat, pay bills and maintain your mortgage.
- Achieve the best deal simply: A trained adviser can help breakthrough the various questions and queries you may have. They will be able to find a deal that suits your current circumstances and won’t weight heavily on your current finances.
- Protection based on your situation: Income protection insurance is moulded and suited to your situation. This means that whether something happens at work or during the weekends, you can be confident that you have a safety net of protection based on your job, lifestyle and health.
- Pay out when you need it most: Income protection insurance makes the best of a bad situation and provides you with the help and support you need after an injury and illness. Having these payments ready to be sent to you will give you ample assurances for the future.
- Keep on supporting your family: Your family will rely on the income that you bring home to pay the bills and put food on the table. Income protection insurance gives you time to recover without the need to put stress on members of the family.
- MacFarlaine & Brooks advisors: Our professional financial advisers have gained vast experience in fitting and moulding the perfect income protection insurance deal to the needs of our customers across the UK.
To discover more about income protection insurance, get in contact with us today.
The purpose of this blog is to provide technical and generic guidance and should not be interpreted as a personal recommendation or advice.