Why Income Protection May Be The Insurance Of The Future

Why Income Protection May Be the​ Insurance Of the​ Future
We currently live in​ a​ consumer society in​ which materialism runs riot,​ much to​ the​ delight of​ credit card and loans companies .​
More and more people are falling into debt today,​ and heavy debt at​ that,​ because we have to​ have certain objects and status symbols .​
If the​ income of​ a​ household is​ cut in​ half,​ or​ even in​ some cases eradicated,​ then it​ would be hard to​ cope with the​ financial loss,​ but income protection can prevent stress and anxiety if​ an​ individual were to​ be made redundant or​ have time off through sickness.
Financial advisers are advocating the​ benefits of​ income protection because they can prevent families falling even further into debt or​ finding that they can no longer make the​ repayments .​
For example,​ a​ working mum may earn two thirds of​ what the​ patriarch in​ the​ family earns but that sum may be just enough to​ keep the​ household above water .​
If she were suddenly become unable to​ work due to​ a​ long term illness or​ accident,​ then how on​ Earth would the​ family be able to​ eat,​ keep warm and even maintain the​ roof over their heads without her income? the​ solution could be income protection insurance?
Income protection does exactly what its name implies .​
Many companies will pay out in​ times of​ sickness in​ redundancy .​
However,​ the​ terms and conditions may vary greatly from income protection policy to​ income protection policy .​
Some will pay out the​ salary total for a​ period of​ time,​ whereas others will only guarantee 50 % of​ salary or​ £1000 per months for a​ fixed period of​ time,​ which is​ usually twelve months .​
Different forms of​ income protection will help different people so it​ is​ imperative that you​ take the​ time to​ find out what is​ available and what would best suit you​ before taking out a​ policy.

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