Income Protection News
Income protection insurance can help people cope financially
Income protection insurance has been recommended as one of the ways to ensure consumers can cope financially if they were unable to do their job or become incapacitated by illness.
This type of cover can guarantee income of between 50 per cent and 65 per cent of one's salary until retirement age is reached or a full recovery is made, according to Lovermoney.com.
Accident, sickness and unemployment insurance on the other hand could come in handy if redundancy occurs or one is unable to work for health reasons and will offer up to 50 per cent of your salary tax free for a year.
Writing on the website, Neil Faulkner recommended taking out income protection insurance ahead of any other type of cover such as home contents insurance, pet or mobile phone protection.
Mr Faulkner has also recommended considering critical illness insurance, which can provide a lump sum should a diagnosis of critical illnesses such as strokes and some types of cancer are made.
In addition to providing peace of mind, these and other life insurance products can ensure there is a financial cushion to cater for any eventuality.
One in ten people are pulling out of life insurance contracts due to the recession, the Association of British Insurers said this week.
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