It’s a scenario we don’t want to imagine, but what happens in the case you are unable to work? Or if your sick pay ran out?
Are you sure you would be able to face your household bills or your mortgage?
It’s an important point to consider, and ensuring your financial security and stability is key in the case, that for any reason, you were left unable to keep up payments on your home.
Could you rely on savings?
The average UK employee only has enough savings to last them 19 days if their income stopped.* After that period of time, are you and your family covered financially? Can you pay bills or maintain your lifestyle?
Can you afford a policy?
Did you know that more than a quarter of Brits insure their mobile phones? 41% of people would struggle after an absence from work of less than six months, yet only 10%** have an income protection policy.
Unfortunately, things can go wrong at any time, and we are all prone to illnesses and injuries. Ensuring you protect yourself, and your finances, is an important decision to make.
Having a contingency plan in place allows you to rest in the knowledge that your income is protected should the worst happen.
If you would like to review your current arrangements, please do not hesitate to contact Catherine on 01276 581896.
Sources:
Source: Income Protection, UK Report. February 2017. Mintel, Group Ltd.