Have you ever thought about what you are do for money if you suddenly are unable to go back to work due to a work injury ? Life insurance for income protection can help you and your family protect your way of life even if you are unable to work for a longer period of time.
Income protection in the UK.
Income protection as a life insurance type of coverage will help people that are unable to return to work due to sickness or injuries and will provide up to 75% of the monthly salary in return for the premiums. The coverage period for income protection will last until you are able to return to work, or in some cases even until retirement if you are permanently unable to return to work.
Why most workers refuse to buy income protection:
Most employed UK residents do not purchase life insurance to protect their income for various reasons. These reasons come from misconceptions and misinformation. For example, most UK workers believe that if and when they fall ill in bed their salary will be paid in full by the employer. This is false, some compensation is usually given to employees that are unable to work due to work injuries, but it is nowhere near 75% of the current salary.
Income protection life insurance is usually more expensive than regular insurance, this is another reason why this type of insurance is neglected. Usually, we recommend that UK working citizens that have dangerous or high risk jobs purchase this type of insurance, for the safety of their families, also families with only one breadwinner should insure that person so if by some accident he/she is unable to work, their way of living will not have to change.
Life insurance and redundancy coverage.
Income protection and redundancy cover are two sides of the same coin. They are both types of life insurance that protect the income and way of life of the common working man. Recession often comes with a large number of redundancies. Protecting yourself from the loss of a job is a very wise thing to do, especially if the salary you get now can easily cover the insurance premiums.
Before purchasing this type of life insurance policy, the price of the insurance policy should be taken into consideration as well as other factors. For example, if the family has more than one breadwinner, there is no need for this type of expensive insurance. Income protection insurance can be found online as well as life insurance with redundancy coverage.