5 Reasons You need to Protect your Income
Tempted to purchase income protection insurance but not sure whether you really need it? Well; hopefully the reasons for obtaining income protection insurance that I list on this page will ensure that you make the right decision.
1. You could lose your job at any time! Honestly; nobody knows when they are going to lose their job. Even the largest and safest companies in the world like to retrench their staff a lot. If you get caught up in the crossfire then you will be without income, and that could mean that you will end up losing a rather significant amount of cash!
2. If you lose your job and you are the main income winner for the home then you will have nothing. This could result in bills being failed to be met, it could mean that you lose your home, and it is going to cause a lot of panic in your household. Absolutely nobody wants to get themselves into a financial predicament. Thankfully retrenchment insurance will help with this to some extent.
3. The job search is long and arduous nowadays. Even the biggest cities in the world tend to have a lack of jobs available. This means that it may be a while before you find a position that is suitable for you. Can you really go without income for this long? I am sure you can’t! Thankfully retrenchment cover will help you out here. Choose the right income protection insurance and you will be covered until you can get back on your feet.
4. Some Income policies will help you out should you suffer from a disability (if you choose the right insurance policy at least!). Some income protection policies will even help to cover medical expenses, or even legal fees if your loss of income is down to somebody else’s negligence. As mentioned previously though; not all income protection policies will actually include this sort of coverage. It is up to you to do your own research here to make sure you choose the right policy for your needs!
5. Income protection will provide you with peace of mind. Absolutely everybody wants to know that they are financially secure and that they have the funds to help them out should they need them. This is what income protection insurance does. Hopefully you will never have to claim on it; but if you do you can be rest assured that the money is there and that you will have it available to you should you get into a bit of a financial hole due to the loss of your income.
Remember; when you are shopping around for income protection insurance you want to make sure that you take the time to find the best company possible. This will ensure that not only do you get the most bang for your buck in terms of premiums (needed), but it also ensures that you get the type of coverage that you needed.
To get more information about the options we have, feel free to get in touch. Simply complete our basic contact form. A friendly consultant will get back to you as soon as possible. Don’t wait until it is too late. Some polices have waiting periods. If you do not have a policy in time, you might suffer the consequences.