Have you ever thought about … what if? Just 2 words but with so much impact. What if … you could not work? What if … you fell ill? Or more seriously what if you died tomorrow? …
No one expects or wants these events to happen, planning for the consequences of the events is much more important.
Lets take a look at just one scenario and the impact this could have on you –
What if … you are unable to work?
We all understand the importance of insuring your tangible assets such as cars, household buildings and contents – now lets say that you come home one day and they are just a pile of ash. To add to the catastrophe you realise you have forgotten to renew your household buildings and contents insurance.
What would you do? How long would it take you to get back to the position you are in today? Probably a year or two perhaps, maybe longer? The point is you can. Your possessions, car or house do not earn money, you do. You are the income producing asset in your home.
We often are told ‘I can’t afford the premiums’. We do understand it can be difficult particularly during current economic conditions. However, the problem is not finding £40 per month out of your salary. The problem is your family finding £1,000 per month when they don’t have your income coming in. A good budget plan can help to review your monthly expenses and concentrate on your priorities.
Now think about your partner and if he/she is working or a mother/father or both! – the jobs that they do and the cost of childcare arrangements are often underestimated. What if … they were unable to work?
Income protection insurance is designed to replace a part of your lost earnings, helping to maintain important items of expenditure, to help you to meet the cost of running your home when illness or accident prevent you from working.