The benefits of income protection have been showcased over the last three years during the turbulence of the pandemic years. With more economic uncertainty ahead, now could be the ideal time to take out a policy that protects your loved ones and yourself.
Income Protection Awareness Week, originally scheduled to start on 19 September, was delayed until 17 October because of Her Majesty The Queen’s Funeral. When it belatedly takes place, the online series of events will discuss the importance of income protection in a stormy economic landscape.
Two thirds of consumers say their financial situation makes them feel stressed, anxious, or depressed, according to new research by the Income Protection Task Force (IPTF). Moreover, the same research also found that a third don’t have anyone to turn to for advice when worried about money.
Income protection provides crucial support and peace of mind. Knowing that you and your loved ones will not suffer financial issues should you suffer a major loss of income helps millions of people sleep more soundly at night. Protection policies can also include emotional support networks, providing further support that can help forestall financial woes.
Look after yourself
Surveys have shown that twice as many people insure their pets as themselves1. Although this desire to protect others is admirable, the lack of personal protection can be counterproductive since looking after number one also helps protect your dependants – including furry friends!
Could you survive on state benefits?
If you are unable to work and are eligible for statutory sick pay, you could receive £99.35 per week from your employer. Given that the average household spends £587.90 per week2, it is likely that this won’t be enough for most people to keep on top of all their outgoings.
Moreover, statutory sick pay only lasts for the first 28 weeks of illness. After that, it might be possible to apply for state benefits, but these will cover only the most basic living costs and will only be payable after rigorous assessment.
Protection when it’s needed
Ultimately, the only way to be sure of covering your expenses in the case of a prolonged illness or injury is by taking out an appropriate income protection policy for your unique needs.
If your income is essential for your family’s prosperity, income protection provides peace of mind that your financial situation will not dramatically worsen should you be unable to work. You do everything you can to provide for your family – let someone else look out for you!
Here for you
We’re here to take the strain off your shoulders and help you make the right decision to protect yourself and your loved ones.
As with all insurance policies, conditions and exclusions will apply
1Cirencester Friendly, 2022, 2ONS, 2022