Income Protection may never seem like a consideration when you’re young, especially when you consider how easy it is to dismiss it as something you’ll need later on in life. At Headway Wealth, we want to stress that income protection is just as important, if not more important, when you’re young and have commitments than later on in life when illness becomes more prevalent.
What is Income Protection? Income and Asset Protection not only covers you from physical illnesses and conditions, but it also pays if you suffer from stress or mental health issues. In fact, mental health has become the most common cause of claims in recent years.
There are many events in your 20s and 30s that should prompt you to consider getting Income Protection cover, which is why we’ve listed the top three circumstances below. Contact Headway Wealth when you need independent, financial advice and learn how to protect your wealth, health, life and family today.
Purchasing A House
Purchasing a house generally comes with the commitment of a mortgage, which is why we stress that anyone who is looking to buy a house can afford and make their monthly mortgage payments on-time, no matter what.
Should tragedy strike and you can’t afford to make those monthly mortgage payments anymore, Income Protection provides you with a monthly replacement income to help you make your monthly mortgage payments and meet your everyday expenses and cost of living. Without this protection in place, you could be at risk of having to sell your home to try and cover your monthly costs.
Getting Married Or Cohabiting
Often when you settle down with someone you become dependent on each other for splitting outgoing expenses. Whether that involves splitting expenses evenly or one of you paying more of the costs, there’s likely to be some dependence on each other to make ends meet.
Should one of you suddenly fall ill, Income Protection helps you to avoid a financial crisis by helping you to meet your monthly payments on one income. By opting for Income Protection, you’ll effectively avoid having to sell your assets or go into debt to come up with the cash needed to make your payments on time.
Having a child is an exciting time, but it also means that another person is now dependent on your income. Each year, providers shell out millions of pounds in claims to families whose lives have been turned upside down by illness. Unfortunately, there are many families who do not receive any pay-out because they didn’t invest in Income Protection. These families are forced to cope with a loss of income and the devastating effect which it has on their personal finances.
If you were to become ill and not able to work, would you be able to support your child or loved one in the same way that you do now? If the answer is no, then we strongly recommend that you take out an Income Protection policy today. Learn why you should choose Headway Wealth as your financial advisors and protect your assets today.