But have you ever considered how would cope financially if your were to suffer an illness or disability, leaving you unable to work?
How would you pay the bills? Could you survive on state benefits?
Income Protection (also known as Permanent Health Insurance) is an insurance policy that helps you cope financially if you can’t work due to illness, a disability or an accidental injury. It can provide you with tax free income if you make an eligible claim, which can then be payable through to retirement age.
The pricing of income protection usually depends on your occupation – the bigger the risk of sickness, then the higher the amount you pay. Premiums can be lowered if you choose to support yourself financially through the early months of a claim, as you can decide when you would like payments to start.
At my firm, Financial Solutions Wales, we can discuss your exact income replacement requirements, the level of cover required, along with how you could support yourself in the event of needing to claim. We could even incorporate cash flow modelling to demonstrate the exact cover you may require. As we are independent, we can look at all the providers of income protection and make a recommendation to meet your unique circumstances.
Please feel free to download the ‘Protecting Your Income‘ guide*. It contains plenty of information on what you should consider when thinking of taking out an Income Protection plan.
If you require independent financial advice on Income Protection, feel free to call on 01554 770022 and we can arrange a no obligation appointment.
*Brochure provided courtesy of http://www.adviser-hub.co.uk