Why income protection insurance is essential – 4 things you should read
Income protection should arguably be the cornerstone of any financial planning. Recent published figures suggest that Income Protection sales are on the rise, however the cost of living crisis continues to impact household incomes and many individuals and families continue to make tough decisions about what they spend their money on. There is a risk that income protection is seen by many as an unnecessary luxury, rather than arguably the most essential insurance anyone could have. To help advisers argue the importance of income protection, we have brought together a range of articles which highlight why this important policy is so essential for greater financial security.
WHY INCOME PROTECTION IS THE BEST SOLUTION FOR PROTECTING A CLIENT’S MENTAL HEALTH
Income protection insurance is arguably the only protection product that provides adequate protection against common mental health conditions and those that are likely to result in both short or long-term sickness absence. Income protection sales still lag behind life and critical illness cover though, meaning many clients do not have the best cover in place. In this insight we compared the differences in cover, with comments from medical experts on mental health conditions and also examined the other ways income protection plans provide excellent cover for clients protecting their mental wellbeing.
“I DON’T NEED INCOME PROTECTION, I GET SICK PAY”
“I don’t need protection insurance, I get sick pay from work”. As I’m sure many advisers can also attest to, this was an objection I encountered frequently during my time as a protection adviser. The reality of course is that many UK workers are not entitled to sick pay, or if they are, their sick pay provisions will be insufficient to meet all of their regular outgoings, particularly long-term. This is where income protection insurance is vital, as we explored in this insight.
THE STORIES BEHIND INCOME PROTECTION CLAIMS
There can be no better demonstration of the value and importance of protection insurance than real life claim stories, where we hear from the people who have unfortunately fallen ill and claimed on their policy and the impact that has had. In our claims hub we bring together numerous case study videos from across the industry, with our dedicated income protection including powerful stories from various insurers, as well as the 7Families campaign.
HOW HOLLOWAY FRIENDLY HELPED A CLIENT ACHIEVE THE BEST POSSIBLE OUTCOME
This real life claim story from Holloway Friendly not only highlights why income protection is so important, but also the fantastic ongoing support that they provide to their clients that many do not see or appreciate. This story is in fact not so much about a claim, but rather the support provided to a client in order to help them get back on their feet and return to work after 7 years.
