Is your fluffy family member worth more than you?
Is your fluffy family member worth more than you?
Pets. We love them, we treat them like family, and most of us have at least one of them.
Whether it’s your sixth goldfish or the family dog that never seems to age, in most UK households, pets are practically part of the furniture.
That explains why we're quick to open our wallets when it comes to shelling out for pet insurance. It's a straightforward decision.
The dog gets sick? Your pet insurance has got it covered.
If insurance for our furry friends is a no-brainer, why are we so hesitant about insuring ourselves?
Are you guilty of this?
According to Legal and General*, one in four UK households is more likely to protect their pet than their income.
Without your regular income, you wouldn’t be able to pay for the essentials, including that all important pet insurance for your furry friend.
The policy that can change everything
Just as we care for our pets, we need to take care of our future selves and our families. Also known as sick pay insurance, income protection can be the solution to this problem.
Income protection insurance ensures that if you’re unable to work due to illness or injury, you won't face financial troubles. It's not just about getting money in your bank account each month; it's about maintaining your lifestyle, paying the bills, and, yes, continuing to care for your four-legged friends who depend on you.
How does income protection work?
So, if you’re still here, you’re probably interested in this policy. Let’s talk about how it works. Income protection isn’t like other insurance policies, it’s in a whole league of its own.
The way this policy works is simple.You pay a set amount of money each month to keep you covered (this is called your monthly premium). If you get sick or injured and can’t work, you need to get signed off by your doctor to claim on your policy.
After your claim is successful, the monthly payments, equal to around 60% of your monthly wage, will start landing in your bank account.
What to use the money for
So, the worst case scenario happened, and you’re off work, having to claim on your income protection policy. What do you spend your tax-free monthly payments on? You could use the money to:
- Pay the bills
- Cover your food shopping expenses
- Help with childcare costs
- Pay for your insurance
- Cover your mortgage or rent payments
Time to face the what-ifs
We get it; thinking about the ‘what-ifs’ in life can be daunting. But like teaching your dog to stop barking at the postman, facing these fears head-on is better in the long run.
What if you couldn’t work for six months? A year? More? With income protection, these questions become less of a nightmare and more of a manageable scenario.
Prioritise yourself
Let’s start viewing income protection in the same light as pet insurance - essential.
If you couldn’t work because of illness or injury, this policy can help pay for the essentials while you’re out of action. With this cover, you can focus on your recovery without worrying about money while you’re off work.
Consider income protection; it's a small step for your bank account but a giant leap for your peace of mind.
*Legal and General, The Puppy Premium report