Is Income Protection Insurance Worth It?

Have you recently attained a number of quotes for income protection insurance and are unsure if you should go ahead? To help you make your decision, we’ve outlined some reasons you should go ahead and pay your premiums. Premiums are affected by a number of factors, but the main contributing factor is your income. If you believe that your income isn’t worth covering; it is useful to know that the pro’s far out weigh the cons. So in what circumstances is income protection insurance worth it? Here are some circumstances explored.

1. If your partner is unable to work
If your partner has a disability, meaning that they cannot work; or cannot find work due to a limited number of marketable skills, then it makes sense to insure your own income.

2. If you are a sole parent
Social security may provide a sort of safety net to ensure you don't starve, but if you have a mortgage and financial responsibilities, income protection insurance is very necessary.

3. Ongoing financial obligations
Income protection insurance can become important if you have financial responsibilities to your loved ones. These can include things like household bills, a mortgage or rent, credit card debt, personal loans and everyday living costs. The more financial responsibility you have, the greater the need for income protection insurance.