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Insurance for accident, sickness or redundancy
Despite the 'it will never happen to me' approach, the uncertainties in life will, for the unfortunate few, include such challenges as accidents, sickness and redundancy; for those with the foresight to take out an income protection insurance policy, these unforeseeable circumstances will hopefully be less of a challenge as their income protection insurance will provide financial help by replacing their lost monthly income in the event that they are unable to work due to accident or illness.
"I was concerned about being able to pay my mortgage if I lost my job - the IFA suggested an income protection policy that included unemployment insurance and for the relatively low cost, I am less fearful of the financial implications for me of being made redundant"
The benefit of an accident, sickness and unemployment income protection policy is that, as the name implies, it will pay a regular sum of money to replace a proportion of your normal income if you cannot work for an extended period. State benefits such as Statutory Sick Pay (SSP), Incapacity Benefit, Jobseeker's Allowance and maybe Income Support may help, but they will frequently not enable you to maintain the level of income that you previously enjoyed. An appropriate ASU insurance policy will help you to 'top up' your monthly income close to the level that you had previously earned.
Sometimes known as permanent health insurance (PHI) plans, an income protection policy does not have to cost a lot each month and brings with it the peace of mind from knowing that, if the worst happens, you are insured against losing your monthly earnings due to an accident, becoming ill or indeed losing your job.
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"Most household bills are paid monthly and the impact that a potential loss of earnings arising from an accident or sickness would be immediate and potentially devastating for the average family"
"Many people assume that the State will provide a safety net in the event that they lose their jobs - this is no longer the case and if you have significant monthly outgoings, an accident, sickness and redundancy income protection policy might just make the difference in staying afloat financially"