We wish we could predict the future, but we can’t. No one knows what’s looming around the corner. One day, you may be in work and the next your company may fall into administration. Unexpected situations like this may leave you struggling to keep up with your mortgage repayments and make ends meet. But one way to stay on the straight and narrow is by taking out Income Protection insurance.
No, you don’t need to have a mortgage to take out Income Protection. You may have to stop working unexpectedly and still have bills, car payments and rent to pay.
We could go on and on about the number of ways you could be left in financial trouble unexpectedly, but we’re not here to be all doom and gloom. The fact of the matter is that if you are unable to work; you have no income, or less income than usual, you need money. Plain and simple. And having an Income Protection plan in place will enable you to carry things out as normal, ensuring your mortgage is paid and other bills are all up to date.
The pay-out you’ll receive from your insurance will be substantially less than your usual wage, up to around 50-70%, but it will be enough to keep you on the straight and narrow for a while. We recommend that if you are without work, it’s ideal to cut-back on certain finances for example, finding an alternative place to do your grocery shop or cutting down on leisure activities.
We cannot stress enough how important it is to stay on top of payments of your policy. If you fail to do so, you will not be able to make a claim, regardless if you have been paying the policy for years. If you are unsure whether your insurance plan will pay out or whether your plan covers sickness, accidents or redundancy, talk to us.
If you wish to discuss protection, talk to First Financial Solutions today. A member of our experienced advisers will be happy to discuss any protection queries you may have. To get in touch call us on 01639 262222 or click here.
*Income protection (with no investment link) has no cash in value at any time and will cease at the end of the term. If you stop paying premiums your cover may end.