Your income – what would you do without it?

Protecting your income should be a major priority as without it all your plans fall apart. We don’t know about you, but we find it easy to spend every month. Mortgage or rent payments, childcare, utility bills, council tax, TV packages, broadband, Christmas, holidays and that’s before you have a social life.

If you can’t go to work due to illness how will you pay all of these things on the current statutory sick pay rate of £88.45 per week? (If you find a place where it is possible to live this cheaply please tell us and we’ll come with you!) Income Protection pays you a tax free monthly income if you are unable to work due to sickness or accident. There is no defined list of illnesses, which is what makes this type of insurance different to a Critical Illness policy.

Income protection is a bespoke and complex insurance product that takes into consideration many factors such as your job, sick pay benefits, income and health. It is therefore vital that you take advice from ECHO FINANCE.

SINGLE WITH NO CHILDREN

As a single person with only your own income to rely on this should be your main priority when protecting yourself against sickness or accident.

If your employer offers a limited sick pay scheme or no sick pay benefits at all you need to consider how you would afford your mortgage, rent and other monthly outgoings if you are off work due to sickness or accident.

How would you feel if you had to sell your home after it had taken so long for you to save up for your deposit? How would you feel about losing your independence and moving back in with your parents?

ECHO FINANCE can advise you on how much income protection you need to make sure you don’t lose your home, you can afford to pay your bills and ensure you don’t have to move back in with mum and dad (as much as you love them!)

COUPLE WITH NO CHILDREN

Like most couples, you more than likely rely on each other’s income to afford the household bills. Do a simple exercise and add up all of your outgoings. Could you pay them on one income?

FACT: 78% – The number of couples who don’t have enough money set aside if disaster strikes (Mintel, Consumer attitudes to debt, June 2008)

Along with the emotional pressure of dealing with an illness, how would you feel knowing that you were also likely to lose your home because you couldn’t pay the mortgage and bills as you receive limited sick pay from work?

Don’t forget, just because you’re ill it doesn’t mean your bills stop. You still need to eat, stay warm and probably buy prescriptions or pay for ongoing medical care.

THE STATE WILL HELP ME: Current statutory sick pay benefits are £88.45 a week. Can you really afford not to have protection?

ECHO FINANCE can advise you on the level of cover you need to make sure you have no financial worries leaving you to concentrate on getting better and back to work.

COUPLE WITH CHILDREN

Like most couples who have children you’ve probably taken steps to ensure the family are looked after in the event of your death. That’s great, but if your family can’t cope without your income if you’ve died, how are you and them going to cope if you’re alive and still have no income?

Don’t forget, just because you’re ill it doesn’t mean your bills stop. You still need to eat, stay warm and probably buy prescriptions or pay for ongoing medical care. Oh, and the children will still want to go to their after school activities.

Along with the emotional pressure of dealing with an illness, how would you feel knowing that you were also likely to lose your family home because you couldn’t pay the mortgage and bills as you receive limited sick pay from work?

ECHO FINANCE can advise you on the level of cover you need to make sure you have no financial worries leaving you to concentrate on getting better and back to work as soon as possible.

IT WON’T HAPPEN TO ME? Think about your own situation and what PROBLEMS you would face if you were too ill to work. What EFFECT would that have on your family? What would you have GIVE UP? How would that make YOU feel?

SINGLE PARENT

As a single person with only your own income to rely on this should be your main priority when protecting yourself against sickness or accident.
You need to think about how you can pay your mortgage, rent, utilities, food bills and other expenses should you be unable to work.

DID YOU KNOW: The leading income protection providers not only offer the financial support that you need but can also offer emotional and practical support to help you get back to work quicker.

How would it feel to know that you were going to lose your home as you were receiving no sick pay from work and could not afford your living expenses? More still, who would take care of your child if you were too sick and how would this be paid for?

ECHO FINANCE can advise you on the cover you need to make sure you have no financial worries so all you have to do is focus on getting better!