Income protection Insurance (IP) : As we navigate through the ups and downs of life, one thing that remains constant is the need for financial stability. But what happens when unforeseen circumstances like illness or injury prevent us from working and earning a living? This is where income protection comes in.

How does it work ?

Income protection is available through most large insurers – Royal London, Aviva, Zurich etc. They will provide upto 75% of your current income in case you are unable to work. Its available upto 70 years of age so you could receive regular payments for 40 years plus ! If you have dependents income protection is a must. How would you pay the bills if you cant work?
Its a type of insurance that provides you with a regular income if you are unable to work due to illness or injury. In this blog post, we will discuss why you should consider getting income protection and the benefits it offers.

• Provides Financial Security
  The primary benefit of income protection is financial security. When you have income protection, you can be assured that if you are unable to work due to illness or injury, you will still receive a regular income. This income can help cover your daily expenses, such as rent or mortgage payments, utility bills, and groceries. This can alleviate financial stress and help you focus on your recovery.

• Protects Your Lifestyle
  In addition to providing financial security, income protection also helps protect your lifestyle. If you were to become ill or injured and unable to work, income protection can help ensure that you can maintain the same standard of living you had before. This means you can continue to enjoy the same hobbies and activities, go on vacations, and make the same investments.

• Peace of Mind
  Another benefit of income protection is peace of mind. Knowing that you have a safety net in place can help ease your worries about what would happen if you were unable to work due to illness or injury. This peace of mind can help you focus on your recovery and improve your overall well-being. This is especially important if you have dependents – how could you provide for them if you could not work?

• Flexibility
  IP policies offer a high degree of flexibility, allowing you to tailor the coverage to your specific needs. You can choose the waiting period, which is the amount of time you need to be off work before the policy starts paying out, as well as the benefit period, which is the length of time you will receive the income benefit.

• Tax Benefits
  Finally, IP also offers tax benefits. The premiums you pay for income protection are usually tax-deductible, meaning you can reduce your taxable income and potentially lower your tax bill.
  In conclusion, income protection is an essential insurance policy that offers numerous benefits. It provides financial security, protects your lifestyle, offers peace of mind, and offers flexibility and tax benefits. If you are unable to work due to illness or injury, IP can be a lifeline that helps you stay financially stable and focused on your recovery.