Income protection insurance, which is not like life insurance, can create a monthly income in the event that an individual becomes disabled or is unable to work. Income protection insurance is a relatively new type of insurance policy, compared to other policies like life and endowment insurance policies. It offers unique benefits to those who are smart enough and lucky enough to choose the right policy. This type of insurance offers a key advantage: unlike other insurance policies that pay out a lump sum or one-off cash amount, income protection cover allows for a comfortable monthly payment. It is usually a percentage from the annual gross income for a set period of time or until the policy holder retires.
The general consensus among Britons is not to consider income protection. However, many people don’t have any contingency plans in place for the event of losing their income. Do we rely on government handouts? Or do we resort to spending our savings that were built over years that can be used for other purposes? Many people believe they can live comfortably without worrying about future income security. This is a mistake.
As well as the dependence on income to provide a certain lifestyle, illnesses that can be disabling to individuals are increasing. Both of these factors seem to be interrelated and this is far from the times when people built their houses from the materials they found. It can be difficult to imagine life without luxury items such as central heating, vacations abroad, running the family car and flat-screen TV’s.
Many of us would find it difficult to live a normal existence without income. Many people would have to look for work elsewhere if they were to become redundant. It is another matter entirely to be unable or unable work due to illness or injury. In such cases, more people should look into income protection insurance that is affordable and manageable to help them.
Income protection insurance, which is not like life insurance, can create a monthly income in the event that an individual becomes disabled or is unable to work. Income protection insurance is a relatively new type of insurance policy, compared to other policies like life and endowment insurance policies. It offers unique benefits to those who are smart enough and lucky enough to choose the right policy. This type of insurance offers a key advantage: unlike other insurance policies that pay out a lump sum or one-off cash amount, income protection cover allows for a comfortable monthly payment. It is usually a percentage from the annual gross income for a set period of time or until the policy holder retires.
While the majority of Britons are not considering income protection, there is no doubt that many people have contingency plans in place. Do we rely on government handouts? Or do we resort to spending our savings that were built over years that can be used for other purposes? Many people believe they can live comfortably without worrying about future income security. This is a mistake.
As well as the dependence on incomes to maintain a certain lifestyle, illnesses that can be disabling to individuals are increasing. Both of these factors seem to be interrelated and this is far from the times when people built their houses from materials that were found in the environment. It can be difficult to imagine life without luxury items such as central heating, vacations abroad, running the family car and flat-screen TV’s.
Many of us would find it difficult to live a normal existence without income. Many people would have to look for work elsewhere if they were to become redundant. It is another matter entirely to be unable or unable work due to illness or injury. In such cases, more people should look into income protection insurance that is affordable and manageable to help them.
