Mortgage Broker covering West Wales

Why You Need Income Protection

The image shows two hands holding miniature houses on stacks of coins, and a slogan that says “It’s all about keeping a roof over your head.”

Keeping Your Income Safe for You and Your Family 

Life can throw unexpected challenges our way. What if an illness or injury stops you from working? How would you manage financially? Income protection insurance steps in to help, making sure you still have money coming in when you can’t work. Let’s take a closer look at why it’s important, what it offers, how it works, and what to think about when choosing a policy.

The image depicts several British £10 notes spread out as a cash deposit.

 

Why Income Protection Matters

Replacing Your Income: If you’re unable to work because of illness or injury, income protection insurance can cover up to 75% of your usual income. This helps you keep up with bills and expenses without dipping into your savings. 

Supporting Your Recovery: When you’re focusing on getting better, the last thing you need is to worry about money. Income protection insurance takes care of things like medical bills and lets you concentrate on your health so you can return to work when you’re ready. 

Keeping Your Family Secure: Your family relies on your income, so if something happens to you, income protection insurance ensures they’re still looked after. It can help with everyday costs like groceries and rent, as well as bigger expenses like education or healthcare. 

Tailoring to Your Needs: Income protection insurance is flexible. You can choose the level of cover you need, how long you want to wait before payments start, and how long you’ll receive payments for. This means you can find a policy that fits your budget and circumstances. 

A family of four, with their faces obscured, is gathered around a table. A child is placing a coin into a piggy bank, symbolising savings and security.

 

How Income Protection Works

Getting Your Policy: First, you need to have an active income protection insurance policy. 

Showing You’re Unable to Work: You’ll need to prove that your illness or injury stops you from doing your job or any other type of work covered by your policy. 

Waiting for Your Payments: There’s usually a waiting period between when you stop working and when you start receiving payments. You can choose a waiting period that matches up with any sick leave or savings you have. 

Providing Proof: You’ll need to provide evidence, like medical certificates and financial documents, to support your claim. 

 

Choosing the Right Policy

Deciding on Coverage: Think about how much of your income you want to replace. You’ll need to balance this with what you can afford. 

Choosing Your Waiting Period: Consider how long you could manage without income and choose a waiting period that fits. 

Thinking About the Long Term: The benefit period is how long you’ll receive payments for. Make sure it aligns with your recovery time and your plans for retirement. 

Picking the Right Type of Policy: There are different types of income protection insurance, so compare them carefully to find the one that suits you best. 

 

A person in a suit is holding a transparent digital display showing various graphs, data, and the word CONCLUSION

Conclusion

Income protection insurance is a type of insurance that can help you protect your income and your lifestyle in case of illness or injury. It can offer you several benefits, such as replacing your lost income, supporting your recovery, protecting your family, and offering flexibility. Perhaps, you are looking for income protection insurance for contractors or because your are self-employed, this type of insurance that can help you keep your income to maintain your normal standard of living if you get sick or injured and cannot work. 

Income protection insurance is a type of insurance that can help you protect your income and your lifestyle in case of illness or injury. It can offer you several benefits, such as replacing your lost income, supporting your recovery, protecting your family, and offering flexibility. Perhaps, you are looking for income protection insurance for contractors or because you are self-employed, this type of insurance that can help you keep your income to maintain your normal standard of living if you get sick or injured and cannot work. 

Please remember, income protection policies can vary in terms of features, benefits, costs, and exclusions, so it is important to compare different options to get the best income protection insurance cover and choose the one that best suits your needs and budget. If you are interested in finding out more to get the best income protection insurance cover, please contact us today. West Wales Money are happy to help you as we will compare the market from more than 40 protection companies to get you the best quote

Logo, West Wales Money

💡Smart and simple solutions.

For further information:

☎️ Call 01239 727990 or 07508 147884

📩 Email info@westwalesmoney.co.uk

#incomeprotection #incomereplacement #protectyourincome #insurance #incomeprotectioninsurance 

Please Share This Blog

More posts