Income protection goes a long way when you need it most. Income protection is often used to substitute an individual’s salary in the event they cannot work. In the UK, the statutory sick pay is £92.05 per week if someone is off ill, this generally would not sustain someone if they were to be off work due to illness over a prolonged period of time when assessing living costs, rent, bills and food costs.
Income protection goes a long way when you need it most. Income protection
is often used to substitute an individual’s salary in the event
they cannot work. In the UK, the statutory sick pay is £92.05
per week if someone is off ill, this generally would not sustain someone
if they were to be off work due to illness over a prolonged period of
time when assessing living costs, rent, bills and food costs. It is
well understood it is almost impossible to factor things such as illness
when assessing future finance, however, in the unfortunate event if
it does take place it is good for you to know that you will be financially
covered which gives you one less worry and allows you to relax and focus
on making a speedy recovery.
The benefits of income protection insurance:-
- In the event your become ill, your salary will be supplemented for
a fixed amount of time
- Can be paid in affordable monthly instalments
- Provides peace of mind if you have been signed off work for a long
period of time