It’s never been a better time to pick up the conversation about income protection. After all, new research from one of the big insurance names has revealed that 1 in 10 people are thinking about reviewing or even stopping their insurance because of the current economy and cost of living crisis. 

But without income protection, how would you cope if you suddenly couldn’t work because of injury or illness? And, with 1 in 3 now putting less into their monthly savings, how long would you be able to pay off key expenses like your mortgage or rent?

Here, we look at the true value of income protection with a handy-to-use tool that provides personalised income risk reports. 

Income protection insurance: the basics 

Think about your current lifestyle. Whether you’re employed full-time, part-time or even self-employed, what would you say is the biggest risk to your job? What life event would impact your earnings and, therefore, lifestyle? The answer is, most probably, bad health. 

We all like to think that it’ll never happen to us but unfortunately more than 149 million sick days are lost every single year, either because of illness or injury. While Statutory Sick Pay is available for up to 28 weeks, it’s likely to be less than you were earning. And, even though there might be a period of time that you’re unable to earn, your mortgage, rent and other general expenses still need to be paid. 

That’s exactly where income protection comes into play. It’s designed to pay you a tax-free monthly salary if you become unable to work due to illness or injury and can offer you and your loved ones extra peace of mind if the worst were to happen. What’s more, few know that income protection can actually be used to help you to return to work and get back on your feet again. 

Personalised protection

Of course, insurance isn’t a one-size-fits-all approach which is why it’s so important to weigh up the other options available to you like life insurance and critical illness cover. Plus, what one person can expect to gain from income insurance, another might not, which is why we use an income risk calculator to give each and every one of our clients a personalised report. 

By entering a few details as well as rough estimates on how much you earn and spend every month, we can reveal just how important income protection insurance could be for you. These reports are completely free and they’re just one of the ways that we’re opening up the conversation around income protection this Income Protection Awareness Week (17-21 October 2022).

How Moore Health and Protection could help

We don’t just want to talk about the importance of income protection this month though. Instead, we’re on a mission to help individuals, families and employers to find the best insurance for them and we’ve been doing that for over 20 years. 

Authorised and regulated by the financial conduct authority and as an independent local intermediary with Chartered Insurance Industry accreditation, we’re here to answer your questions and can tailor-make individual plans to suit you. Plus, there’s no fee payable which means you can benefit from personalised advice – without any catches. 

The current economy means it’s never been more important to make small steps today which protect you in the long-term and we’re here to help – whatever stage of life you’re at. 

Moore Health & Protection is a trading style of Tony Moore which is an appointed representative of The Right Mortgage Limited. The Right Mortgage Ltd is registered in England and Wales no. 08130498. Registered Address: 70 St. Johns Close, Knowle, Solihull, England, B93 0NH.