) under reference 465124.
Medident Financial Planning - Income Protection
Money makes your world go round. When life is going well, it's easy to take money for granted. It pays the bills and funds your family and social life. It enables you to enjoy your home, hobbies, evenings out, holidays, car and sports. It underpins your quality of life, and provides relaxation and amusement. But what if the money stopped? It's not difficult to picture how different life would be if your income suddenly stopped - particularly if your health or a serious injury prevented you from working, or if you needed time off work to make a full recovery. How quickly would your bills mount up? How long would your savings last? How soon before you'd be thinking twice about spending money on every day treats - like magazines, a takeaway, or going to the cinema? Having protection can't reduce the odds of something happening to you - but it can make life easier if it does.
Being off sick for more than a few weeks can be a worry, particularly if you don't have much in the way of savings to fall back on, or a partner's income to tide you over. In the longer term, your lifestyle could even be at risk. Income Protection provides you with a monthly income to help pay your bills and prevent you from getting into debt, if you are unable to work because of long term sickness or an accident.
FACT:
Research by the Fabian Society shows that one in four employees believe that if they were off sick for a year, their employer would keep them on full pay (but most companies only pay up to three months).
Four Men have a 1 in 4 chance of claiming for income protection before the age of 65, according to leading experts on health risks. Source: Munich re 2002
What is it?
Income Protection is an insurance policy that pays you a monthly income if you aren't able to work because you are injured or ill. There is a waiting time before claims are paid. You can choose how long this period of time can be. Normally, the longer the wait the cheaper your premiums will be.
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