Posted on: 16 Mar, 18
If you were one of the million people in the UK each year that find themselves unable to work due to a serious illness or injury, how would you cope financially? The Association of British Insurers 2017 findings highlight the fact that of these, many find it difficult to survive on their savings or on sick pay from work.
Serious illness or injury can occur at any time and will inevitably cause strain on families financially, as well as personally. Income Protection insurance (also known as ‘IP insurance’) is designed to provide cover if you can’t earn an income for a number of specified reasons. It provides a financial resilience to individuals and households and gives peace of mind.
If something happened to you, would you be able to survive on your savings or on sick pay from work? If not, Income Protection is an alternative way to keep paying the bills. But it’s important to remember that Income Protection only covers you if you’re unable to work due to illness or injury – it does not pay out if you are made redundant.
This type of insurance covers most illnesses that leave you unable to work. What that means, exactly, depends on your individual policy. For example, it may cover you if you are unable to work due to a stress-related illness or a serious heart condition.
Download the PDF to see the full document.
Copyright © 2013 - Oury Clark.