Wealth of Advice, Swale House, Mandale Business Park, Durham, DH1 1TH
Income protection is a type of insurance that provides financial support if you are unable to work due to an illness or injury. While many people think that they won't need income protection, the reality is that unexpected events can happen to anyone at any time, making it an important consideration for anyone who wants to protect their financial stability. In this blog post, we'll take a look at when you might need income protection and why it's worth considering.
If you're self-employed, you may not have access to the same sick pay or employee benefits as someone who is employed by a company. This means that if you are unable to work due to an illness or injury, you may not have any source of income. Income protection can help to provide financial support in this situation, helping you to cover your living expenses and medical costs.
If you have dependents, such as a spouse or children, you may want to consider income protection to ensure that they are taken care of financially in the event that you are unable to work. Income protection can provide a regular income to help cover your living expenses and support your dependents if you are unable to work due to an illness or injury.
If you have a job that involves a high level of physical activity or puts you at risk of injury, you may want to consider income protection to provide financial support if you are unable to work. For example, if you work in construction, manual labor, or another physically demanding field, income protection can help to provide financial security if you are unable to work due to an injury.
If you have a pre-existing medical condition, you may be more likely to experience an illness or injury that prevents you from working. Income protection can help to provide financial support in this situation, covering your living expenses and medical costs.
In conclusion, income protection can provide financial security and support if you are unable to work due to an illness or injury. Whether you're self-employed, have dependents, have a high-risk job, or have a pre-existing medical condition, income protection can help to provide financial peace of mind and help to ensure that you and your loved ones are taken care of. If you're considering income protection, it's important to understand your individual circumstances and the options available to you, so that you can choose the right coverage for your needs.
If you want a better view of what your future could be, we'll have a chat over a cup of coffee in our Durham office and work out if we can add any value to your financial picture.
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