You probably won’t need our own team here at QuoteLifeCover to work too hard to convince you of the importance of doing everything you can to protect yourself financially. Risks to your ability to pay your way in life that might have once seemed distant will probably feel much closer now, amid the continued cost-of-living crisis that is showing little sign of letting up.
Income protection cover is a type of protection product that might even be argued to be the most important of all. It pays out monthly tax-free amounts in the event of the policyholder not being able to work due to long-term sickness or disability.
But are you still second-guessing whether you really need to take out income protection insurance? Maybe you need to be just slightly more convinced of the merits of this specific product? If so, here are a few reasons why you may be persuaded to go ahead and buy this cover without delay.
You depend on your income... for everything
In the current situation, your income - as opposed to, for example, your savings - might be what is making possible everything in your life that costs any money. You might need that income so that you can keep up with your mortgage or rent payments, energy bills, food costs, the costs of commuting to work... you name it.
If there is little ‘slack’ in your present budget or fallback position in the event that you hit upon harsher financial times, this could make an income protection insurance policy an especially important - and urgent - investment for you and your household.
It doesn’t need to be as expensive as you might think it’s going to be
If there’s one reason why you’re hesitating to buy an income protection insurance policy right now, it might well be the price... or at least, the price you’re initially quoted.
The fact is, there are quite a number of things you can do to help lower that headline price, without necessarily losing much - or any - of the protection you most need. You could set a longer deferred period, for instance - this being the time you would have to wait after claiming before you would be able to start receiving payouts - or you could set the maximum cover at a lower amount.
The risk of needing this insurance could be higher than you realise
No one wants to spend much time thinking about the chances of long-term illness or disability preventing them from working, but it’s sadly something that further underlines why income protection insurance could be so necessary. Indeed, the risk could be higher than you think.
Statistics suggest that an estimated 149.3 million working days were lost in the UK as a consequence of sickness or injury in 2021, which works out as about 4.6 days per worker. And a person who has spent six months or more off work has an 80% chance of being off for five years.
So, what might initially look like a mere ‘nice-to-have’ insurance policy could quickly look like an essential lifeline if the worst does happen. It’s one more reason to not necessarily be put off by the initial price you are quoted if you are on the lookout for income protection insurance.
Speaking of receiving a quote, why not ask for a no-obligation quote from our own team at QuoteLifeCover today? You can call our free service on 0800 316 6917, and we will be pleased to help set out your options and guide you towards the income protection insurance policy that genuinely represents the best match to your needs.