Just How Important Is Income Protection In This Unpredictable
Life Of Today?
Despite the fact that the world we live in has become
increasingly unpredictable and dangerous to live in, most people
still do not think too much about the protection of their
current and future income. At least not until it is already too
late and the damage has already been done.
Many people are too busy earning a living, so much so that they
hardly have the time to stop and think of the possible dangers,
of what would happen to them and their families and dependants
if they were not able to work for any reason. They continue with
life oblivious of the dangers that they expose themselves to by
not taking any precautionary measures. Precautionary measures
are mainly in the form of insurance cover. In particular we are
talking about Income protection insurance here.
Just looking at current statistics, which are extremely
alarming, there is no doubt that the risks are too high these
days such that not having any sort of income protection cover is
both dangerous and very unwise indeed.
For example figures show that out of the working population in
Britain, over 2 million persons have been claiming State
incapacity benefit for more than 6 months. Roughly a staggering
168 million working days are lost annually due to absence from
work.
All this underlines just how important some sort of income
protection cover is. Income protection insurance schemes usually
plays a major role in providing peace of mind to an individual.
This insurance policy covers an individual against income loss
as a result of either temporary or permanent disability. It will
also pay out a settlement to family members in the case of death.
Any sole family bread winner or income earner is bound to feel
much more comfortable and secure about their future and that of
their family after they have taken out some form of income
protection insurance. It really does not matter how basic an
insurance policy somebody takes out, as long as it takes care of
income loss.