Often when looking at protection needs, not enough people consider the implications of being unable to work, even if only temporarily, due to an illness or an accident.
Some questions to consider:
- Would the household have sufficient income from other sources to cover essential outgoings, such as spouses/partners ongoing income?
- Do you have sufficient savings to bridge any gap in income?
- When able to return to work after an illness, would you prefer to go back on a part-time basis?
- Would you want to change your lifestyle, potentially taking a less stressful job?
- If disabled, would you need to make alterations to your home?
To help answer these questions, consideration should be given to Income Protection (also known as Permanent Health Insurance) and Critical Illness cover, as these plans can make all the difference should such an unfortunate event occur – from providing a replacement income, to paying out a cash lump sum.
In short, they are all about maintaining your quality of life in adverse circumstances.
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