Don’t Let Your Hard Work Be For Nothing: How To Protect Yourself From Potential Financial Struggles
If, like many, you have put a lot of work into building your career and achieving the income you need, why would you let it slip away? Unfortunately, we never know what life is about to throw at us, so the more prepared we can be for the unforeseeable, the better.
Today, we will talk about income protection insurance and how this policy can cover your income when you cannot work due to an accident or illness. We all know how overwhelming our financial obligations can be but imagine not being able to cover them at all. Without income protection, that nightmare could become a reality.
How a Sickness or an Injury Can Lead to Financial Instability
When we are young, it is likely we will underestimate just how serious an illness or injury can be. It isn't until we have been impacted by such an event that we realise the full implications. This is why it is best to take preventative action now and ensure we are never left without our income. If an illness or injury prevents us from working, especially if we are self-employed, it is likely that we won't be able to earn money to meet any of our financial obligations. This can have a terrible effect on many aspects of our lives.
This is Where Income Protection Insurance Comes in
Income protection insurance is a brilliant tool that can help us avoid financial hardship by covering up to 75% of our income if we are ever unable to work due to an illness or accident. Unlike most insurance policies, it pays out regularly, ensuring we can keep on top of everything during challenging times. Additionally, we can also tailor income protection to align with our financial needs. Injuries and illnesses that prevent us from working are tremendously stressful to deal with, but without adequate income protection insurance, everything has the potential to become a whole lot worse.
An Overview of Income Protection Insurance and What A Policy Can Do
One of the best things about income protection insurance is that the entire policy can be tailored to align with your specific needs. Here is what you can expect when you invest in income protection:
1. You can choose your own coverage amount of up to 75% of your current earnings.
2. You can choose how long you receive the benefit.
3. You can choose the waiting period between when you stop work and when you receive your benefit.
4. You can make adjustments to your policy to ensure it always aligns with your needs.
What are You Waiting For?
If you don't have savings, are self-employed, or worry about what the future holds in terms of your income, it might be best to start browsing the market for your ideal income protection insurance policy. By protecting your income, you will always be able to get the most out of your life.
