Income Protection Accident Sickness and Unemployment Insurance
Published / Last Updated on 19/09/2024
You work to earn money. You use that money to:
- Pay your rent or mortgage.
- Pay your bills.
- Feed you and your children.
- Pay for transport and cars.
- Pay for Christmas and birthday presents.
- Pay for holidays.
If you had a ‘money machine’ that paid for all the above, you would no doubt insure it and protect it. That magic money machine is actually you.
What is the money machine breaks down? What if you break down?
- Who will pay your rent or mortgage?
- Who will pay your bills?
- Who will feed you and your children?
- Who will pay for transport and cars?
- Who will pay for Christmas and birthday presents?
- Who will pay for holidays?
Many of us when we die, we will have some form of life insurance but what of you don’t die?
- What if you have an accident?
- What if you suffer serious injury or long-term illness?
- What if you are made redundant?
Who will pay the bills? You will. Your employer may off full income protection insurance, but many companies do not. Your employer must, as a minimum, offer statutory sick pay, but at £116.75 per week, it is hardly going to cover the bills. The State may offer some benefits such as Job seekers allowance or other sickness benefits and housing contributions, but these are limited and will unlikely cover many people’s bills.
Could you really live on £116.75 per week? Many people’s mobile phone bill, TV and music subscriptions cost more than this let alone your main household bills. You need income protection.
There are various types of illness and income protection such as:
- Mortgage protection insurance.
- Income protection insurance.
- Accident, sickness, and unemployment insurance (ASU).
- Partnership protection insurance.
- Directors share protection insurance.
- Key person insurance.
Some of the above can cost just a few £, so it is worthwhile asking us for some help, advice, and rate/cost comparisons to protect you, you loved ones and your assets, wealth and daily bills.
