Ok, let’s just dive straight into a topic that often gets people scratching their heads – income protection insurance.
so important we did a podcast about it … twice
You might be wondering, “Do I really need it?” Well, pull up a chair and let’s go through it together…
First things first, what on earth is income protection insurance?
It’s like a financial superhero that swoops in to save the day when life throws unexpected curveballs.
You know, those times when you’re sailing smoothly through “living your best one”, and suddenly, bam!
You’re hit with an illness, injury, or, heaven forbid, diagnosed with a critical illness.
Out of interest what would you do…
Question to ask yourself is simple, how long would I get paid if I don’t turn up for work… o if self employed how much is left in the bank to pay my bills if I cant get off my arse to “do the work”
So, do you really need it? Let’s break it down.
Life is Unpredictable, and So are Expenses
Every month we are all slapped with utility bills, rent, and the grocery list that never seems to shrink.
If you’re unable to work due to an illness or injury, where’s that money coming from?
Income protection insurance steps in as your financial safety net, covering a chunk of your lost income until you’re back on your feet.
I can hear it already ‘I have savings for this I will be fine’ – Is It Enough?
Sure, having some savings tucked away is a great financial habit.
But ask yourself, is it enough to cover months or even years without a wage?
Income protection insurance provides that extra layer of security, ensuring you won’t be drowning in bills if the unexpected happens.
Oh wait what’s that? ‘It Won’t Happen to You’?
We’ve all been there – thinking we’re invincible and immune to life’s little surprises.
But reality check: accidents and illnesses don’t discriminate.
They can happen to anyone, at any time.
The last thing you need to be thinking about if you are diagnosed with an illness is money…
You get sick pay…
Mint, for how long, no one get s it forever? Are you making a prediction that your injury will only last and coincide with when your pay stops… that would be nice wouldn’t it…
Sorry, it just doesn’t work like that at all.
Even good old Rishi will penny’s if on statuary sick pay… for those that need facts. Straight up from Gov.uk
You can get £109.40 per week Statutory Sick Pay (SSP) if you’re too ill to work. It’s paid by your employer for up to 28 weeks.
Income protection insurance is like a financial umbrella; you might not need it every day, but when it pours, you’ll be glad it’s there.
Peace of Mind is Priceless
Let’s talk peace of mind.
Knowing that you have a financial backup plan in case of the unforeseen can lift a weight off your shoulders.
It’s not just about the money; it’s about having the space to focus on recovery without stressing about how you’ll make ends meet.
But What About My Budget?
I hear you – budgeting is crucial.
The good news is, income protection insurance comes in various shapes and sizes.
You can tailor it to fit your budget and needs. It’s not about breaking the bank; it’s about making a smart investment in your financial well-being.
In the grand scheme of things, income protection insurance is a financial safety net.
It might not wear a cape, but it’s there to save the day when life gets a little too chaotic.
So, do you really need it? The short answer: yes. Because life’s uncertainties are the only certainty we have.