Income protection - for when life doesn't go to plan.
Updated: Oct 20, 2021
Hope for the best but plan for the worst. Don't get caught out - protect your income.
A lot of us take our health for granted. Sure, we take regular exercise, try to eat well and drink less. But how many of us think about what would happen if we became seriously ill and couldn’t work?
Imagine losing your income for months or even years. How would your family cope? Could you still pay the mortgage? Will you have enough money to live on? Recent research shows that many people have no savings to act as a buffer and many admitted they would need to sell their home if they lost their income
Sarah was diagnosed with Hodgkin’s Lymphoma at the age of 31. She worked full time, was fit and healthy with a 2-year-old child and had never taken a day off sick in her life. The last thing on her mind was money but in fact, money becomes a major issue very quickly if you can’t work.
As Sarah said, “When you’re first diagnosed with cancer, your first thoughts turn to your dependents. Will they be OK? Can we pay the mortgage? How will they cope financially if I die?”
Sarah didn’t have any income protection but needed over 12 months of treatment so unfortunately wasn’t able to earn any money for almost all that time. The stress of not knowing how the family would manage without her income added another level of fear and all-consuming panic on top of the diagnosis.
It’s a fact that income protection is probably not very high up on most people’s ‘to do’ list. To be honest, it’s often not seen as an ‘essential’ when there are so many other bills to pay. However, having a comprehensive income protection policy in place could be one of the most important decisions you ever take. Put simply, it protects you and your family if the worst happens.
Sarah had never seriously thought of income protection, but she learned the hard way that no one is invincible. Luckily, she had a great employer who supported her and paid her salary throughout her illness. Sadly, many people aren’t as lucky and suffer serious hardship.
Sarah commented, “Protecting your family comes at a cost, but not protecting them comes at a much higher one. Even being relatively young at diagnosis, you can’t help but think you probably should have considered this sort of planning earlier. Knowing that in the worst of times your family will be provided for is vital for peace of mind.”
It’s worth knowing that income protection doesn’t just cover major illnesses; it’s for anything that stops you working. That could be a serious accident (car, bike etc) or perhaps a mental health issue. In fact, in 2017, mental health was the most common claim according to the Association of British Insurers (ABI). So, don’t put yourself at risk, think about income protection NOW while you still have time.
Come and talk to the experts at Schofield about the options for income protection. We can discuss your priorities and any concerns and put in a place a policy that’s right for you.
Call us now on 01423 368000 or email us on email@example.com