If you should become unable to work due to accident, prolonged sickness or through unemployment such as unforeseen redundancy then you could find yourself having a real struggle to pay your essential outgoings unless you have income protection to safeguard against the loss.
If income protection insurance suits your circumstances then it would replace your lost income up to a pre-determined amount each month which would enable you to carry on paying your essential bills without having to struggle to find the money to meet essential bills if you lose your income.
Once you have been out of work usually for 30 days or more, then the policy would kick in and you would receive a tax free amount each and every month that you are out of work up for to 12 months (and with some providers, for up to 24 months). You do however have to ensure that a policy would be suitable for your needs and that if you should have to make a claim, you would be able to do so without any problem.
Checking out the small print for any exclusions as well as seeing exactly what the income protection insurance cover entails will ensure you get the right protection.
Finding income protection insurance that is affordable can be a problem and can be time unless you go with a standalone provider. They can offer inexpensive income protection insurance, especially when compared to their high street counterparts.
In an uncertain world where redundancy and accidents are on the increase it is essential that you do everything you can to protect yourself against a loss of income and providing you have read the exclusions and small print in a policy, income protection insurance can be a safety net to fall back on but you have to ensure it is the right product for you.