As a tenant in a rental property you often set goals. Weather these are very short term (week to week), short term (within a month), medium term (within a year) or long term (3 or more years) reaching these goals is likely crucial to your happiness. In order to reach most of these goals you need to be financially sufficient. For some, a very short term goal is paying the weekly rent on time, a short term goal might be reaching a certain amount of savings and a medium term goal could be saving a home deposit. Regardless of circumstance, many of your goals will require you to continue being paid on a regular basis so you can live and meet your own expectations. So why would you want income protection insurance? Its simple really, income protection is there as your last line of defence to make sure those goals are met if you were to become sick or injured and were unable to work.

Say you were hard at work and fell ill. All of a sudden your weekly pay packet stops arriving and your very short term goal of paying the rent is now non achievable. Let’s also suggest that this situation would effect other possible goals, the short term goal of reaching a savings balance has now been pushed back and you’re likely eating into those savings just to survive and pay your way. Lets look again at the example of saving for a home deposit, that’s now been pushed back even further limiting your options and prolonging your next steps in life. These are all very tough situations to be in, but they are easily avoidable.

Income Protection Insurance is easy to set up and will ensure that your weekly pay packet is propped up in the event that you become sick or injured. There are options available to speed up payments and make sure that your bills are paid. Generally most clients will explore their options between an agreed value or an indemnity policy. Agreed value simply means that you’ll receive an agreed upon amount per month should you become sick or injured. Indemnity means that your income will be assessed upon the time of your claim. It is important to asses your situation so that you choose the right sort of policy for you. Speaking to an insurance expert is always a good idea so you can learn about each insurance product.

On a personal level I have played rugby almost my entire life. When you’re a kid and even a teenager injuries come and go and you can rely on your family for the financial support. When you’re an adult you have to be your own support network. So many of my teammates and those I played against would get injured, concussed or worse and were often unable to head back to work for months at a time. Those who didn’t have income protection really suffered and this was a serious nightmare for those who they cared for. I really felt for them and their families. Often they could not survive on the sole income for the time they were out of work and this meant having to move, when they had partners they were taking additional shifts to try and make ends meet and kids switching schools. Not the sort of situation I’d like to see myself in. However it is avoidable, Income Protection is easy to set up and is there to support you when you really need it.


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