Why is Income Protection important?
Income protection is important for several reasons:
Protects against loss of income:
One of the main reasons to have income protection is to ensure that you continue to receive a regular income if you are unable to work due to an injury or illness. This can help to ensure that you can still meet your financial obligations and maintain your standard of living.
Financial security: If you lose your income, you may find it difficult to pay bills and meet other expenses, which can lead to financial stress and uncertainty. Income protection can provide peace of mind and help you to focus on your recovery, knowing that your financial needs are taken care of.
Helps with recovery: Income protection can help to remove the financial stress that can come with an injury or illness, allowing you to focus on your recovery and get back to work as soon as possible.
Cover for self-employed people: If you are self-employed, you are not eligible for Statutory Sick Pay (SSP), which is the minimum amount of sick pay that employees can receive. Income protection can provide an alternative source of income if you are unable to work.
In summary, income protection provides financial security and peace of mind in the event of an injury or illness, helping you to meet your financial obligations and focus on your recovery.