Posted on: 12 Nov, 19
Have you ever considered what would happen to you or your loved ones if you couldn’t work due to a longterm illness or injury which results in a loss of earnings? It’s important to be able to keep your finances healthy as you recover.
No one likes to think that something bad will happen to them, but if you couldn’t work due to a serious illness, how would you manage financially? Being unable to work can quickly turn your world upside down. How would you cover your outstanding bills or childcare costs?
Could you survive on savings or sick pay from work? If not, you may need some other way to keep paying the bills – and you might want to consider income protection insurance. You might think this may not happen to you, and of course we hope it doesn’t, but it’s important to recognise that no one is immune to the risk of illness and accidents. No one can guarantee that they will not be the victim of an unfortunate accident or be diagnosed with a serious illness. This won’t stop the bills arriving or the mortgage payments being deducted from your bank account, so going without income protection insurance could be tempting fate.
Income protection insurance is a long-term insurance policy that provides a monthly payment if you can’t work because you’re ill or injured, and it typically pays out until you can start working again, or until you retire, die or the end of the policy term – whichever is sooner.
Many people have never even considered what they’d do if they couldn’t work because of long-term illness or injury. For most people, experiencing a sudden loss of income due to illness or injury could be devastating for them and their family.
Keep your finances healthy as you recover from illness or injury:
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