I’ve been banging on about it for ages, but now I’ve got a headline-grabbing statistic to back up my belief that income protection insurance is one of the most important pieces of cover you can have.
Apparently, according to new statistics, you are 26 times more likely to be off work for more than six months and need income protection than you are to die before the age of 65.
For those of you who don’t know, income protection is an insurance product that protects your income in the event of you being unable to work through accident or sickness.
It pays out until you die, retire, return to work or reach the end of the agreed policy term.
As with many other insurance products, income protection really does require very careful consideration as the policies can differ so much. For example, different providers have different criteria for the type of accident or sickness their policies will cover. You need to make sure the cover you get matches your circumstances, which can be influenced, for example, by the job you do.
Call us to discuss income protection.