Income protection Is it still available and do I really need it?

Portrait of happy little girl, her mother and grandmother looking at camera at home

We’re getting many enquiries asking if income protection is still available and if it’s really necessary.

First of all, if you’re unsure of what income protection is then here’s a explanation;

If you were to become unwell or suffer an accident which meant you were unable to work and therefore not get paid, how would you pay your bills? Maybe you have a partner who can pick up the slack for a short period of time but what if your recovery is longer than you first thought?

Anyone and everyone should consider income protection insurance. You’re most likely to need it if you’re self-employed or employed and you’re only entitled to statutory sick pay, which is currently £94.25 per week, for those who are eligible. That’s not enough for most people.

If you’ve read this and don’t have a plan, then you should read on…

Income protection provides you with a monthly income which is based on your current earnings. The income received will be between 50% and 70% of your normal income. This could be the lifeline you need to take the stress away from an already difficult time.

Most people think that they don’t need income protection because ‘it won’t happen to them’, they’re in good health so don’t need to worry or that it’s too expensive. If the last month has taught us anything, it’s that you never truly know what’s around the corner, things can take a turn at any time and you should be prepared. Can you really put a price on your lifestyle, and it’s probably not as expensive as you may think?

The income protection process is a simple one, it comprises of a health questionnaire, which asks you some standard questions regarding your lifestyle, health and income.

Income protection is still available, there have been some extra questions put in place by some providers regarding the current situation, such as your recent travel history and whether you have suffered from Covid-19. Some providers have added some restrictions to their cover but not all so it’s still definitely worth looking into.

The team here at Easy Street are here to help so if you need any further advice or would like to know more about applying for income protection, please do get in touch.