Many people are prompted to take out Income protection on the back of a significant life event, starting up their own practice / business or taking out a mortgage. When responsibilities set in, protecting your income goes from nice-to-have to essential. But when exactly did you take it out and what are you covered for?
The chances are your salary looks very different today than it did 10-15 years ago. And perhaps you have a (bigger) family, staff or another mortgage. Does the cover you took out way back then keep you in a position of financial security if you needed it now? Are you covered from the first day of illness or is there a deferred period of a few months and if so could you afford to lose that amount of income?
For the self-employed, it’s the time of year when your finances are in focus and adding this quick review may be one of the most important things you do.
Find out, obligation-free, if your cover reflects your current financial situation & responsibilities.