Everything you need to know when protecting your income
Have you ever thought about how you would provide for your family if you were to lose your sole income? If you are unfortunate enough, through no fault of your own, to lose your job or are unable to work due to an accident or sickness – So Smart Protect income policies can give you the stability you need to cover your expenses.
So, what is income protection exactly?
Income protection insurance (also called permanent health insurance) is designed to help pay your bills if you cannot work as a result of either injury, illness, or other factors that are out of your control. This insurance type guarantees that you and your family can maintain your regular income and lifestyle during the period that you are unable to work.
It goes without saying that you should still ensure you have savings to last you the time between getting ill and the initial income protection pay-out.
The big question – how much does income policy cost?
Well, the answer to this depends solely on your overall circumstances – so no two people are ever the same in this case. The different variables which can affect this include:
- Your current age and date of birth
- Your profession
- Your overall health
- Whether you are a regular smoker or whether you have ever been a smoker
- How much income you will need to cover your bills
How would you know if you need income protection or not?
According to modern-day statistics, nearly 1 million workers find themselves in the horrible situation that they are unable to work – which adds up to nearly three per cent of the WHOLE population. This problem is then larger when you have people in the family who depend on your support – for example, children and elderly parents.
If you are self-employed or your employers only pay statutory sick pay – then the chances are, you need a decent income protection policy behind you!
But, which policy should you choose from you ask?
Many different policies are available for you, covering general outgoings or specific loans such as your mortgage or credit card debt, and can even cover your divorce of child maintenance payments. When choosing which policy to take out, you need to ask yourself the following questions:
- How long are you likely to need help if you are not able to work?
- How much do I want/need the policy to pay-out?
- How long do you want to wait before the policy kicks in?
So Smart Protect can give you fee-free advice from a specialist income protection adviser, to help find you the most suitable product for your needs. Simply visit the following link to get your quote today: https://www.sosmartmoney.co.uk/insurance/income-protection/income-and-mortgage-protection/