Under 35s: Would you rather protect your income, or your mobile?
How would you cope if you fell ill tomorrow and were unable to work? Would you be able to support yourself and your family?
According to research conducted by Royal London*, consumers are not addressing their protection needs early enough. Even under 35s that consider themselves to be young, fit and healthy are at risk because no one knows exactly what the future will bring.
The research found that the under-35s were particularly unbothered about taking out insurance now, having decided to think about their insurance protection needs later in life. Indeed, they are more likely to insure their mobile phone rather than protect themselves and their family!
What are the benefits of income protection?
If you are unable to work because you have fallen ill, are involved in an accident or become disabled, income protection insurance is designed to provide a tax-free income to contribute to or cover your monthly outgoings.
Is income protection expensive?
Income protection isn’t always expensive. It stands to reason that the more you cover by way of illnesses and risks, the more expensive a policy will be. For under 35s that are currently fit and healthy, the policy fees shouldn’t be prohibitive.
Do income protection policies cover long and short term illnesses?
Most long term and short term illnesses are covered, however, this does depend on the type of policy and the definition within the policy definition of incapacity. Your broker will talk this through with you.
How long will income protection payouts last?
Again, it all depends on the policy, but in most instances, a claimant is supported until they’re back at work again. Otherwise, the policy will pay out up until retirement, death or the policy ends – whichever comes first.
It’s also useful to note that policyholders can claim as many times as they need to whilst the policy is live.
We can't help with mobile phone insurance, but if you wish to discuss income protection, talk to First Financial Solutions today. A member of our experienced advisers will be happy to discuss any queries you may have and help you find the policy for you.
To get in touch call us on 01639 262222 or click here.