Increasingly we are all are beginning to recognise the importance of protecting our most valuable asset, our income.
There has never been a better time to start your income protection plan, with a number of companies offering benefits at very competitive rates. Income Protection pays out an income in the event that you are unable to work due to accident, illness or disability for longer than the deferred period. You have the option to choose a deferred period of 8, 13, 26 or 52 weeks.
Income Protection is an invaluable part of any good financial plan. Before you convince yourself that you cannot afford an income protection plan, ask yourself, how would you afford to pay your mortgage, bills, loans and general living expenses if you were unable to work due to sickness, accident or disability? How far would the state disability allowance go in contributing towards these bills? Are you eligible for the state disability allowance? If you are self-employed you are not and therefore the gap between full pay and no pay becomes greater. An income protection plan will fill that gap.