We can never know what will happen tomorrow. We may be healthy today but we be suffering from a sickness or an accident tomorrow. We may have the jobs of our lives today but we might be experiencing job redundancies in the future. Why not get your own income protection policy? Times keep changing so we will never know whether we might still have a job waiting for us in the days to come.
In the United Kingdom alone for the past few years, around two million people of working age found themselves unable to work for a certain period of time, around roughly more than six months. Because of this, having your own income protection policy also known as payment protection insurance (PPI) or Accident, Sickness and Unemployment cover (ASU) has become even more relevant.
First question which may come to your mind is that why is there a need for you to get your own income protection policy. Do you think there is a need for you to prepare for unforeseen events? Do you think you need to obtain income insurance for whatever its worth? Well, if you think that not being able to work for quite some time due to sickness, injuries, or job redundancy may affect your spending, expenses, and payments for your financial commitments may be a bad thing, then saying a yes to the first question may be a good thing.
Once you’ve said yes to the buying an income protection policy you now seek for the benefits of one. Relatively, income insurance is quite an essential financial investment an individual can give himself or herself. Insurance, for whatever its worth has loads of benefits and advantages for insurance policy holders. However, if you are a person who has enough income you might not need any kind of insurance. But it is never bad to be secured right? So why leave everything to chance if your income insurance can provide you with financial assistance in case you are unable to work.
Before you purchase your insurance, you have to things. A lot of insurers offer a variety of coverage and insurance policies. The overall amount of an insurance cover is likely to be an important aspect of choosing to buy one. On the other hand, you have to remember that the bigger the coverage, the higher the cost of the insurance will be. For the own income coverage, for example, will probably be more expensive than the any occupation coverage. The real costs would depend on numerous factors as well as your age, sex, occupation and history of medical concerns.
Another thing to check out is the set periods provided by insurance companies. Set periods are the length of time by which your insurance provider will provide assistance to you once you are unable to work. Some insurance companies provide as low as 3 months while some go as long as 24 months. So if you wish to ask yourself again “What’s in it for me?” then you might know the answer now.
Want to find out more about Income Protection Insurance?, then visit Sally Rider’s site on for your needs!