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Do I need income protection insurance?

Do you feel like your bills are already costly enough and you don’t want to add more to them? We understand that! But did you know an income protection policy could cost less than that takeaway you had at the weekend, and it might just mean you can keep paying those bills, and for that takeaway, if anything happened to you and you lost your income.

Why should I look into income protection insurance?

Here’s why……. If you fell ill or had an accident and couldn’t’ work....what would happen to your finances?

Well, we know one thing – your bills probably won’t stop, but your income might. Yes, your employer (if you have one!) may pay sick pay, but that might only last a couple of weeks. Yes, you might have an emergency fund or some safety net savings, but how long would they cover your monthly outgoings? Yes, your lovely parents will surely welcome you home with open arms while you get back on your feet, but would you be happy to do that? And for how long?

Sick leave, emergency funds and even state benefits can help you financially, but for how long? And do you really want to be eating into those hard-earned savings?

But income protection insurance can cover you for as long as you need it, paying those bills for as long as you can’t work, which means you can keep your savings for much more exciting things!

According to the ONS, people under 25 have around £2k in savings – how far would £2k go for you when you think about your monthly outgoings? And statutory sick pay from the government is just over £100 per week, and is paid for no more than 28 weeks. Would that really be enough to keep up with your rent, utility bills and the important Neflix and Uber Eats lifestyle?

“But I’m never ill – I don’t need it!”

You’re young and healthy, you’ve never taken a sick day, so do you really need income protection insurance? It may surprise you to know that the average 25-year-old female, non-smoker, has a 38% chance of being out of work for two months or more due to illness or injury!

We have a handy tool on our website which calculates your personal risk of falling ill and being off work - go check it out!

Want to find out more?

Insurance might not be at the top of your priority list right now, especially when you’re young, healthy and thriving. But if there’s anything the last few years have taught us, it’s that life can be unpredictable, and planning for the unexpected is always worth it.

Plus, it’s actually better to get income protection insurance when you’re young and healthy because it means you’ll pay less (your insurance premiums will be lower), win win!

Want to know more about income protection insurance and how much a policy would cost you? We’ve partnered with the expert financial advisers at Caspian insurance who can provide free support and help you on your journey to getting financially protected!

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