You can’t underestimate the importance of peace of mind. It’s easy to think your income is going to be a permanent fixture in your life – if you’ve got a stable job, why should you worry about losing your stable income, right?
Unfortunately, you can’t predict the future. While we all feel invincible, accidents and illnesses can happen. Should you fall ill or sustain a nasty injury, you may find yourself unable to work.
5 reasons why protecting your income is an absolute MUST!
1. Income Protection guarantees ongoing quality of life
There’s nothing better than having the assurance that your finances will be covered, no matter what happens to you. Income Protection brings you this guarantee: if you suffer a serious illness or injury, you will have financial protection that will keep you afloat until you can get back to work.
2. It protects you from financial instability and ensures peace of mind for you and your family.
It’s never easy to raise a family. With a couple of kids, you (and often your partner as well) have to work hard to give them a comfortable life. If you find yourself incapacitated and unable to work, that loss of income can substantially impact on your family’s finances. How will you provide for them? Will your partners income be enough? If you have protected your income, you won’t have to worry about the implications of losing an important income. You and your family will be financially stable, regardless of the situation.
3. It allows you to keep up with repayments
When you’re seriously ill or injured, the last thing you need is to worry about debts. It can be stressful to think about how you’ll cover daily expenses, let alone pay off a mortgage, a car loan or credit card debts. Income Protection can be a great help to people who need to keep up with any debt repayments.
4. Income Protection allows you to focus on recovery and recuperation
Many people at some point in their lives will find themselves needing some rest and recuperation from a serious illness or injury. But without the right protection, they may find themselves unable to put all their effort into getting better. Having to worry about funds is always stressful, not to mention your additional concerns about when you’ll be able to return to work and begin earning money again. An Income Protection policy will help make sure your income doesn’t cease during these trying times so you can focus on the most important task at hand: your recuperation.
5. It could happen to you!
For many, the biggest hope of their lives is to be able to have the consistent income to provide for themselves and their family well into old age. Unfortunately, not all of you will be able to see that dream come true.
It doesn’t matter how much you try to stay healthy and steer clear of danger. While we like to deny it, many things operate outside of our control. There will always be risks you simply can’t avoid. Sometimes, all your careful planning and smart decision-making can be for naught if you don’t have the right protection.
Article adapted from Why you need income protection by Gerard Phillips