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Importance of Income Protection for Parents

Importance Of Income Protection For Parents

When you become a parent one thing that you quickly learn is that it is down to you to ensure that your children are taken care of and have everything that they need. For most people this means finding a job with provides a steady and secure income.

Having this money coming in on a regular basis is great news for you and for your family- it allows you to ensure that you have a home, a full fridge and that all your bills are paid. It also can be saved up to buy some of the bigger things that you may want to buy.

This sounds great right? Well, imagine what would happen if this money stopped coming in? If you stopped earning that monthly wage? 

This is where Income Protection comes in and can help protect you and your family against the loss of earnings should anything happen to you.

What is Income Protection?

The idea of income protection is that it is there to provide you with support should you be unable to work due to accident or sickness. 

In the most part, these policies offer long-term support and will continue to pay out until you no longer need it, such as if you retire, or you return to work. It completely depends on the level of cover you take out when starting the policy for how long it pays.

Many insurers will also provide rehabilitation services to help support you back to work in the event of an accident or sickness. This can be via funding treatment, role re-training, workplace assessment and much more.

Why do I need it?

Once you know a little more about this type of cover, then chances are that you will be asking yourself “what would happen if that oh so important income stops coming in” and working out how you would provide for your family. 

As we have already mentioned, when you become a parent you suddenly have someone who relies completely on you- not only for day to day care but also for other needs too. 

If you are unable to work due to being ill or injured, then you are going to find that your money stops coming in and government support is often not enough to cover your bills

This is not only going to cause you stress in the short-term, such as not being able to buy food or anything else that you need but it can also cause you long-term financial issues and a negative lasting impact on your mental health.

You may find yourself in large amounts of debt, which will build up over time, this can have an impact on you and your family too. 

You may not be able to catch up on what you owe, you may have to borrow more, or you may fall behind on key things that you need to pay out on.

Any parents who would not be able to survive if their finances stopped coming in, realise it makes sense to consider income protection insurance. 

If you do not think about it for yourself and your own wellbeing, then it is worthwhile thinking about cover to make sure that you are protecting what is most important to you…your family.

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