No kids, no mortgage - do you still need life insurance?
You might not be the perfect candidate for life insurance. But there is something else...
There are things in life that you can't go without. We all have them. For some it’s a morning latte and pastry, others might have a weekly cinema trip, a Friday night takeaway is a tradition maybe.
Whatever yours is, you’ll agree it’s worth every penny. So, what would happen if you got ill, couldn’t work and couldn't have these things anymore, you know, the little things that make life worth living?
If you have income protection insurance, you don’t need to worry about the ‘what ifs’.
What’s income protection?
It’s a form of insurance that can pay out up to 60% of your monthly wages, every month, tax-free, if you’re unable to work due to sickness or injury.
The monthly bursts of cash can help take care of the bills and give you peace of mind if you can’t work. The current statutory sick pay is £118.75 per week and lasts a maximum of 28 weeks.
With 25–34 year-olds experiencing the largest jump in going off work with long term sickness* income protection can provide a safety net for you without having to make changes to your lifestyle or dip into your hard earned savings.
Is this the best type of insurance for me?
Income protection works for people who are establishing their careers and are looking to protect their best asset, their wage.
It’s a policy designed to give you peace of mind, knowing if you were injured or sick and you couldn’t do your job anymore, your bills and expenses could be taken care of.
You could be safe in the knowledge that if something stopped you from working, you would continue to be able to live in the same home, pay the bills and not have to make any major changes to your standard of living.
There are other forms of life insurance that might suit you and your situation better. For example, critical illness cover is a popular type of cover, it pays out a lump sum if you become seriously ill.
What does income protection insurance cover?
Most illnesses and injuries that leave you unable to work are covered by income protection. These can include:
- Mental health conditions, including depression, stress and anxiety
- Serious illnesses, such as cancer, heart disease and stroke
- Back pain or broken bones, alongside other musculoskeletal issues
Perks right here, right now
Income protection insurance often comes with lots of benefits that can help you right now, while you claim and after you claim, supporting you throughout your policy lifetime and beyond.
Different providers offer different benefits and perks. Some of these policy perks, depending on the provider, can include:
- Health and wellbeing support
- Annual health check
- Second opinion service
- Bereavement support
- Remote access to UK medical professionals
- Rehabilitation support, to help get you back to work
- Discounted gym memberships, discounted coffees
- Fracture cover
These added wellbeing benefits aren’t just only for you, they can typically be used by your partner too.
Income protection is about protecting your lifestyle and life has a funny way of throwing curveballs when you least expect it. And while we can’t help you dodge them, we can help you soften the financial blow. That’s where income protection comes in. Get started with IGotCover today.
*(Office for Health Improvement and Disparities)
