What is income protection?

21st October 2020 by Kirsty McGaun, Legal & Medical (legalandmedical.co.uk)

What is income protection?

Maybe it’s the worrying times we live in but we have been receiving more and more enquiries about income protection. I believe protection is the most vital element of any financial plan and I have felt this way my whole career. Yes, it’s exciting to discuss and plan for the big ‘forever’ house, or retirement and the adventures it holds – but we need continuing income to fuel our aspirations. Worryingly there are some inaccurate myths about income protection that seem to be doing the rounds so I thought it was time to dispel a few of those. But first, back to basics.

If you have either previously dismissed income protection as a waste of time and money, or felt that you would like to benefit from such a policy but don’t believe you could get cover, seek specialist advice. 

Likewise, if you hold an income protection policy but you haven’t reviewed it for a while, check it now.

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