It is difficult to imagine yourself having a serious or critical illness. We know that this does happen, but for most of us we tend not to think that anything so severe will keep us from being off work indefinitely. The prospect of being totally unable to return to work seems like a remote possibility.
Following February's blog where we detailed some of the many outgoings faced by most families, we really want to try and highlight how a gap in income for even a few months can have serious implications.
The Exeter Friendly have released their claims statistics for 2016:
Many of these claims may have only lasted a couple of months - but the benefit that they provide to families who rely on two incomes, or indeed individuals who depend on their earnings cannot be under estimated. Any gaps in income on an otherwise strict budget can take months, or even years to overcome. Trying to repay and catch up what is owed if you have fallen behind on your monthly repayments is a difficult enough situation, never mind the fact that there may be lingering symptoms of an illness or injury that mean you are not quite fully recovered.
Income protection policies are unlike other insurance plans, in that they allow you to claim as many times as you need to. They cover smaller less serious conditions that although may not be life threatening impact your ability to go to work everyday, as well as the major critical illnesses.
They really are the only way to fully protect yourself from financial hardship.
And the best part? They are not expensive, as you might think!